The key item as it relates to Beechmont’s concern on the merger of its 11 lots owned by IONA is mentioned in the 4th paragraph “future lot mergers will require a special permit”

This means any such future request by IONA will go to the New Rochelle City council for the granting of such a special permit.
If such a permit is granted, what if any conditions are placed on it and what action IONA may take would only be determined at that future time.