A local spat between a lender and developer is grabbing headlines in the, forcing the question issue around 50K SF of air rights CB received from fro the City in exchange for nearly two dozen affordable housing units. CB used the maximum allowable density bonus for the site, leaving 25K SF of air rights unusable, and thus available to sell or transfer. When the developer attempted to sell nearly 4K SF of rights, LStar (which provided $48.3M to refinance the property in 2016) blocked the transaction.
