Section 91-64 - Transfer of Development Rights From Granting Lots
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 .