The Chairperson of the City Planning Commission shall allow, by certification, a transfer of floor area between two or more zoning lots under single fee ownership or alternate ownership arrangement that are contiguous, or would be contiguous but for their separation by a street. Such certification for a transfer of floor area shall be subject to the conditions of paragraph (a) and application requirements of paragraph (b) of this Section. 

For the purposes of this Section, the “granting site” shall mean the zoning lot that transfers floor area pursuant to this Section, and a “receiving site” shall mean a zoning lot that receives additional floor area pursuant to this Section.

1. Conditions
   
   The maximum amount of floor area that may be transferred from the granting site shall be the maximum floor area ratio permitted pursuant to the applicable provisions of Section 117-32, inclusive, less the total floor area of all existing buildings. Each transfer, once completed, shall irrevocably reduce the amount of floor area that may be transferred.
2. Application requirements
   
   An application filed with the Chairperson for certification pursuant to this Section shall be made jointly by the owners of the granting site and the receiving site. Such application shall include site plans and zoning calculations for the granting site and receiving site showing the additional floor area associated with the transfer.
   
   Additionally, at the time of certification, the owners of the granting site and of the receiving site shall submit to the Chairperson a copy of the transfer instrument legally sufficient in both form and content to effect such a transfer. Notice of the restrictions upon further development or enlargement of the granting site and the receiving site shall be filed by the owners of the respective lots in the Office of the Register of the City of New York (County of New York). Proof of recordation shall be submitted to the Chairperson. Both the transfer instrument and the notices of restrictions shall specify the total amount of floor area transferred and shall specify, by block and lot numbers, the granting site and the receiving site that are a party to such transfer.
   
   The Chairperson shall certify to the Department of Buildings that development or enlargement is in compliance with the provisions of this Section only after the transfer instrument and notice of restrictions required by this paragraph have been executed and recorded with proof of recordation provided to the Chairperson. Such certification shall be a precondition to the filing for or issuing of any building permit allowing more than the basic maximum floor area ratio for such development.

A separate application shall be filed for each transfer of floor area to any receiving site pursuant to this Section.