For the purposes of the Theater Subdistrict:

A “listed theater” shall mean a theater designated as listed pursuant to Section 81-742 (Listed theaters).

A “granting site” shall mean either a zoning lot or that portion of a zoning lot occupied by a “listed theater” and comprised of those block and lot numbers specified for such theater pursuant to the table in Section 81-742, as such block and lots existed on January 12, 1998. However, a “granting site” shall not include any zoning lot occupied by a “listed theater” located within the geographical area covered by the 42nd Street Development Land Use Improvement Project, adopted by the New York State Urban Development Project in 1984, as such Project has and may be subsequently amended.

A “receiving site” shall mean a zoning lot or the portion of a zoning lot located within the Theater Subdistrict to which development rights of the “granting site” are transferred. However, no portion of a “receiving site” shall be located within the 42nd Street Development Project Area. In addition, for zoning lots containing “listed theaters,” that portion of the zoning lot occupied by the “listed theater” and comprised of the block and lot numbers specified for such theater, pursuant to the table in Section 81-742, shall not be included in the “receiving site.”

Any “receiving site” divided by a district boundary or Theater Subdistrict Core boundary may locate bulk in accordance with the provisions of Section 81-746 (Additional provisions for zoning lots divided by district or subdistrict core boundaries).

(a)        Transfer of development rights by certification

The City Planning Commission shall allow, by certification, a transfer of development rights from a “granting site” to a “receiving site,” except that any “granting site,” or portion thereof, located outside the Theater Subdistrict, may not transfer development rights to any portion of a “receiving site” within the Special Clinton District, provided that:

(1)        the maximum amount of floor area transferred from a “granting site” is the basic maximum floor area ratio established pursuant to Sections 81-211 (Maximum floor area ratio for non-residential or mixed buildings) or 81-213 (Special provisions for transfer of development rights from listed theaters within the Special Clinton District), as applicable, for such “granting site” as if it were undeveloped, less the total floor area of all existing buildings or portions of buildings on the “granting site” and floor area attributed to the “granting site” that has been previously used or transferred;

(2)        each transfer, once completed, irrevocably reduces the amount of floor area that may be developed or enlarged on the zoning lot containing the “granting site” by the amount of floor area transferred;

(3)        the maximum amount of floor area transferred to a “receiving site” shall not exceed the basic maximum floor area ratio established pursuant to Section 81-211 for such “receiving site” by more than 20 percent;

(4)        the provisions of Section 81-743 (Required assurances for continuance of legitimate theater use) are met; and

(5)        appropriate legal documents are executed ensuring that a contribution in an amount equal to 10 dollars* per square foot of transferred floor area be deposited in the Theater Subdistrict Fund established pursuant to paragraph (i) of Section 81-741 (General provisions) at the earlier of either the time of closing on the transfer of development rights pursuant to this Section or the filing for any building permit for any development or enlargement that anticipates using such development rights.

The Commission shall review such amount no more than once every three years and no less than once every five years and shall adjust the amount to reflect any change in assessed value of all properties on zoning lots wholly within the Theater Subdistrict.

(b)        Transfer of development rights by authorization

The City Planning Commission shall allow, by authorization, an additional transfer of development rights beyond the amount of floor area transfer permitted by certification in paragraph (a) of this Section from a "granting site" to any portion of a “receiving site” located within the Eighth Avenue Corridor, except that any “granting site,” or portion thereof, located outside the Theater Subdistrict may not transfer development rights to any portion of a “receiving site” within the Special Clinton District, subject to the following conditions:

(1)        the maximum amount of such additional floor area transfer to that portion of a "receiving site" located within such Corridor shall not exceed the maximum total floor area ratio with as-of-right floor area allowances in the Theater Subdistrict set forth in Section 81-211 by more than 20 percent; and

(2)        such transfer complies with the conditions and limitations set forth for the transfer of development rights in paragraph (a) of this Section.

In order to grant such authorization, the Commission shall find that such development or enlargement:

(i)        relates harmoniously to all structures and open space in its vicinity in terms of scale, location and access to light and air in the area; and

(ii)        serves to enhance or reinforce the general purposes of the Theater Subdistrict.

Any application pursuant to paragraphs (a) and/or (b) of this Section shall be referred to the affected Community Board, the local Council Member and the Borough President of Manhattan. The Commission shall not grant any such certification or authorization prior to sixty days after such referral and sixty days after the date any reports required to be submitted to the Landmarks Preservation Commission pursuant to Section 81-743, paragraph (b), or the Theater Subdistrict Council pursuant to Section 81-71 (General Provisions) have been so submitted.

(c)        Requirements for Application

An application filed with the Chairperson of the City Planning Commission for the transfer of development rights by certification pursuant to paragraph (a) of this Section, or with the City Planning Commission for the transfer of development rights by authorization pursuant to paragraph (b) of this Section, shall be made jointly by the owners of the "granting site" and the “receiving site” and shall include:

(1)        a site plan and floor area zoning calculations for the “granting site” and the “receiving site” and, for authorizations and/or special permit applications, any such other information as may be required by the Commission;

(2)        a copy of the transfer instrument legally sufficient in both form and content to effect such a transfer, together with a notice of the restrictions limiting further development or enlargement of the “granting site” and the “receiving site.” The notice of restrictions shall be filed by the owners of the respective lots in the Borough Office of the Register of the City of New York, indexed against the “granting site” and the "receiving site," a certified copy of which shall be submitted to the Chairperson. Receipt of the certified copy shall be a pre-condition to issuance of any building permit, including any foundation or alteration permit, for any development or enlargement on the “receiving site.”

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.

(3)        demonstrations of compliance with the requirements of Section 81-743 and paragraph (a)(5) of this Section, including all necessary legal documents. Issuance of any building permit, including any foundation or alteration permit, shall be conditioned upon the filing of such legal documents in the Borough Office of the Register of the City of New York and receipt by the Commission of certified copies of same as required pursuant to Section 81-743.

A separate application shall be filed for each transfer of development rights to an independent “receiving site.”

^*        The contribution of 10 dollars per square foot of transferred floor area was adjusted by rule on November 15, 2006, to $14.91 per square foot; on December 10, 2011, to $17.60 per square foot; and on July 15, 2022, to $24.65 per square foot