Zoning lots entirely or substantially within designated open space
When a zoning lot owned separately or individually from all adjoining zoning lots prior to January 2, 1975, is located entirely or substantially within designated open space and no reasonable development is possible on the zoning lot, the owner may request the City to provide, in exchange, a City-owned zoning lot.
The zoning lots may be exchanged only after an appraisal made by a body consisting of the following:
(a) one independent fee appraiser appointed by the City;
(b) one independent fee appraiser appointed by the private property owner, which appraiser may be the same as in paragraph (a) of this Section; and
(c) if needed to resolve a disagreement between the two appraisers appointed in paragraphs (a) and (b), one independent fee appraiser chosen by mutual agreement between the two individually appointed appraisers.
Such requests for exchange shall be filed by the owner of the zoning lot with the City Planning Commission.
If such exchange of zoning lots is not feasible under this Section or Section 384-7.0 of the New York City Administrative Code, the City may either acquire such zoning lot or permit development to proceed thereon with the minimal modification of the designated open space necessary to permit development containing residences.