Within the South Street Seaport Subdistrict, all or any portion of the development rights transferred from a granting lot may be added to the floor area of all or any one of the receiving lots in an amount not to exceed the ratio of 10 square feet of development rights to each square foot of lot area of such receiving lot, except that with respect to a receiving lot having a lot area of less than 30,000 square feet, the total floor area ratio shall not exceed 21.6. However, if a receiving lot is located in a C4-6 District, the total floor area ratio shall not exceed 3.4 and if a receiving lot is located in a C6-2A District, the total floor area ratio shall not exceed 8.02. Development rights transferred to a receiving lot may be applied to a mixed building to increase the floor area of the residential, commercial and/or community facility portions of such building so that the maximum floor area for such building may be increased by the aggregate of development rights so transferred. In no event shall the residential floor area ratio exceed 12.0.

The City Planning Commission shall certify that any zoning lot that utilizes such transferred development rights conforms to this Section and, for those receiving lots within the Urban Renewal Area, to the regulations and controls of the Urban Renewal Plan.