The provisions of this Section shall apply within the area bounded by Ninth Ave, West 31st Street, the Lincoln Tunnel Approach and West 33rd Street.

No building or other structure shall exceed a height of 150 feet within 15 feet of a wide street line and 20 feet of a narrow street line. However, on a narrow street, a building may rise without setback provided no part of such building is within 15 feet of the narrow street line.

No rear yard or rear yard equivalent regulations shall apply to any building developed or enlarged pursuant to this Section. Furthermore, the provisions of this Section may be waived or modified in conjunction with the granting of a special permit pursuant to Section 74-41 (Arenas, Auditoriums, Stadiums or Trade Expositions) for the development of an arena in the area bounded by Ninth Avenue, West 31st Street, Dyer Avenue and West 33rd Street.