Except in the Borough of Staten Island, the City Planning Commission may, by authorization, allow modifications to, or waivers of, the requirements of Sections 26-30 through 26-35, inclusive, provided that the depth of a rear yard shall not be less than 15 feet and the depth of a front yard shall not be less than five feet. In order to authorize such modifications or waivers, the Commission shall find that:

(a)        such modifications result in a site plan that provides sufficient open areas for the residents;

(b)        any reduction in open areas shall be permitted only where the Commission finds that a good site plan has been provided that includes a superior landscaping plan; and

(c)        such modifications will not impair the essential character of the surrounding area.

The Commission may prescribe additional conditions and safeguards to minimize adverse effects on the character of the surrounding area.