Netanya was established near the ancient site of Poleg by the Bnei Binyamin association in Zikhron Ya'akov. It was named in honor of Nathan (Hebrew: "Natan") Straus (1848–1931), co-owner of Macy's department store, New York City Parks Commissioner, and president of the New York City Board of Health, who gifted two-thirds of his personal fortune to projects benefiting Jews and Arabs in Mandatory Palestine. "Netanya...was named for Straus in the hope he would donate money to them. When he told them he had no more money to give they were disappointed, but decided to keep the city's name anyway." The funds for the project of building Netanya were raised by Itamar Ben-Avi and Oved Ben-Ami, who embarked on a fundraising trip to the United States to raise the money. In 1928 members of Bnei Binyamin and Hanotea, an organisation set up after Straus was informed of the establishment of the settlement, purchased of Umm Khaled lands.