The Board of Standards and Appeals will hold a hearing on the Arman Building, a new residential building planned for the northwest corner of Greenwich and Canal Sts., on Tues. Jan 24 at 40 Rector St., starting at 1 p.m. The variance is for a project initiated by the late sculptor Arman and seeks greater coverage of a triangular currently open-air parking lot, the ability to build sheer walls and extra bulk. Under current zoning, the building can be eight stories tall and contain 18,880 square feet of space. But the development group wants three variances to allow a building 11 stories tall with 25,000 square feet. Neighbors say the building will be too big and will channel pollution from Canal St. up Greenwich St.