In the South Street Seaport Subdistrict, the City Planning Commission may authorize:

(a)        the alteration of any public amenity, open or enclosed, for which a floor area bonus has been granted, provided that the Commission finds that such modifications improve the intended public purpose of the amenity; or

(b)        the elimination or reduction of an existing public amenity, open or enclosed, for which a floor area bonus has been granted, provided that a new or improved public amenity, open or enclosed, is supplied elsewhere on, or within proximity to, the zoning lot, and the Commission finds that:

(1)        the public amenity to be eliminated no longer serves its original purpose; and

(2)        the proposed new or improved public amenity will provide a greater public benefit than the amenity to be eliminated or reduced and will better serve the purposes of the Special Lower Manhattan District; and

(c)        the modification of the applicable height, setback, lot coverage and distance between buildings requirements for any development or enlargement on a designated receiving lot that will incorporate transferred development rights, provided the Commission finds that the modifications:

(1)        provide an appropriate distribution of bulk on the zoning lot;

(2)        permit adequate light and air to the development or enlargement and adjoining properties as well as the surrounding streets; and

(3)        will not impair the use and desirability of any public amenity that may be created or improved under the provisions of paragraph (b) of this Section.

If a receiving lot contains an existing building, such authorization shall incorporate any previous height and setback or other bulk modifications, granted prior to December 11, 2001, by the Board of Standards and Appeals, for such existing building.

The Commission may prescribe appropriate conditions and safeguards in connection with the grant of such authorization.