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.