The erection, enlargement or other alteration of any residential structure which will result in an increase in gross floor area for such lot that exceeds the lesser of 50% of the existing gross floor area, or 1,000 square feet. For purposes hereof, "existing gross floor area" shall mean the largest amount of gross floor area for such lot existing at any time in the five-year period preceding submission of the building permit application for the contemplated erection, enlargement or alteration.