All applications for transfers of development rights pursuant to the special permit by the City Planning Commission in Section 81-632 (Special permit for transfer of development rights from landmarks to the Vanderbilt Corridor Subarea) shall also comply with the regulations of this Section.

(a)        Requirements for applications

In addition to the land use review application requirements, an application filed with the City Planning Commission for a special permit pursuant to Section 81-632 shall be made jointly by the owners of the granting lot and receiving lot and shall include:

(1)        site plan and zoning calculations for the granting lot and receiving lot;

(2)        a program for the continuing maintenance of the landmark;

(3)        a report from the Landmarks Preservation Commission concerning the continuing maintenance program of the landmark and, for those “receiving” sites in the immediate vicinity of the landmark, a report concerning the harmonious relationship of the development or enlargement to the landmark;

(4)        a plan of any required pedestrian network improvement; and

(5)        any such other information as may be required by the City Planning Commission.

A separate application shall be filed for each transfer of development rights to an independent receiving lot pursuant to Section 81-632.

(b)        Conditions and limitations

The transfer of development rights from a granting lot to a receiving lot, pursuant to Section 81-632, shall be subject to the following conditions and limitations:

(1)        the maximum amount of floor area that may be transferred from a granting lot shall be the maximum floor area allowed by Section 33-12 for commercial buildings on such landmark zoning lot, as if it were undeveloped, less the total floor area of all existing buildings on the landmark zoning lot;

(2)        for each receiving lot, the floor area allowed by the transfer of development rights under Section 81-632 shall be in addition to the maximum floor area allowed by the district regulations applicable to the receiving lot, as shown in the table in Section 81-63 (Special Floor Area Provisions for the Vanderbilt Corridor Subarea); and

(3)        each transfer, once completed, shall irrevocably reduce the amount of floor area that may be developed or enlarged on the granting lot by the amount of floor area transferred. If the landmark designation is removed, the landmark building or other structure is destroyed or enlarged, or the zoning lot with the landmark building or other structure is redeveloped, the granting lot may only be developed or enlarged up to the amount of permitted floor area as reduced by each transfer.

(c)        Transfer instruments and notice of restrictions

The owners of the granting lot and the receiving lot shall submit to the Commission 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 lot and the receiving lot 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), a certified copy of which shall be submitted to the Commission.

Both the instrument of transfer and the notice of restrictions shall specify the total amount of floor area transferred and shall specify, by lot and block numbers, the lots from which and the lots to which such transfer is made.