In Subareas D4, D5, and D6, for zoning lots containing mapped streets, where such mapped streets will be improved and opened to the public, the provisions of this Section may apply.

(a)        Street area

The lot area of a zoning lot adjacent to newly improved street may be considered to be increased by an amount equal to the area contained within the bed of such street, as measured from the centerline of such street to the street line adjoining the zoning lot.

(b)        Transfer of floor area

Residential floor area may be transferred from a granting site to a receiving site located directly across the newly improved street, and may exceed the maximum floor area ratio permitted on the receiving site, provided that:

(1)        the owners of the granting site and the receiving site shall jointly notify the Department of City Planning, in writing, of their intent to transfer residential floor area. Such notification shall include a site plan showing the conditions and floor area calculations for the granting site and the receiving site, before and after the transfer;

(2)        no building permit shall be issued by the Department of Buildings for a building on a receiving site containing any such transferred residential floor area until the Chairperson of the City Planning Commission has certified to the Department of Buildings that plans submitted to the Department of City Planning comply with the requirements of this Section; and

(3)        no certificate of occupancy shall be issued by the Department of Buildings for any portion of a building utilizing the transferred residential floor area until the Chairperson of the City Planning Commission certifies to the Department of Buildings that such building has been constructed in accordance with the plan certified by the Chairperson pursuant to paragraph (b)(2) of this Section.

Notices of restrictions shall be filed by the owners of the granting site and the receiving site in the Office of the Register of the City of New York, indexed against the granting site and the receiving site(s), certified copies of which shall be submitted to the Department of City Planning. Notice by the Department of City Planning of its receipt of certified copies thereof shall be a condition to issuance of a building permit for a building on the receiving site containing any such transferred residential floor area.

The transfer of residential floor area, once completed, shall irrevocably reduce the maximum residential floor area permitted on the granting site. Any building on a receiving site that uses the residential floor area so transferred shall comply with all other applicable bulk regulations of this Chapter.