91-64 - Transfer of Development Rights From Granting Lots

LAST AMENDED
2/2/2011

Within the South Street Seaport Subdistrict, #development rights# from each of the #granting lots# may be conveyed or
otherwise disposed of:

(a)      directly to a #receiving lot#; or

(b)      to a #person# for subsequent disposition to a #receiving lot#, all in accordance with the provisions of this Subdistrict,
          except that with respect to #zoning lots# located on Parcels 6, 7 and 9, as identified on Map 6 (South Street Seaport
          Subdistrict) in Appendix A, only those #development rights# in excess of the larger of the following conditions may be
          so conveyed or otherwise disposed of:

          (1)    an amount equal to the product of the #lot area# of each of such #zoning lots# multiplied by 5.0; or

          (2)    the total #floor area# of all existing #buildings# on any such #zoning lots#.

The City Planning Commission shall certify such initial transfer from the #granting lots#. Any #person# may convey its interest
in all or a portion of such #development rights# to another #person# but such #development rights# may only be used on a
#receiving lot#.