Olshan Client Seeks to Expand Air Rights Transfers for the Benefit of Not-For-Profits

The Wall Street Journal and The Real Deal reported on the formation of Iconplans, created by former grocery store executive Lawrence Daitch and real estate executive Michael Lipstein, which seeks to establish a centralized vehicle for the sale of landmark buildings' unused air rights to developers building larger buildings in the city. The plan could generate up to $600 million for landmarked buildings that are in need of funds to support programs and building maintenance. Olshan Partner Sam Ross and Of Counsel Martin Cooper assisted with the organization of Iconplans and the preparation of agreements with investors.