Any increase in area, lot coverage, frontage, width, yard or depth requirements shall not apply to a lot for single-family and two-family residential use which at the time of the lot's recording, or endorsement, whichever occurred sooner, was not held in common ownership with any adjoining land, conformed to then-existing zoning requirements, and had at least 5,000 square feet of area and 50 feet of frontage. For the purpose of this section, lots shall not be considered to be held in common ownership with adjoining land if each single lot of record adjoins another solely along the rear lot line of each lot, so long as each such lot has frontage on an improved public way constructed (or adequately bonded to be constructed) to the City's specifications, or on an improved private way constructed to the City's specifications. For the purpose of this section, lots shall not be considered to be held in common ownership with adjoining land if each lot has at least 5,000 square feet of area and 50 feet of frontage and was not held in common ownership as of January 1, 1980.