Unlike surfactants considered in previous studies, when phosphatidylcholine (PC) monolayers collapse at constant surface tension to form a 3D bulk phase, surface area decreases at rates that slow. The different kinetics could result from collapse by a distinct mechanism. Rather than the transfer of molecules all along the interface between the monolayer and bulk phase, PC films can collapse by the folding and subsequent sliding of a bilayer over the monolayer. By this mechanism, molecules can transfer to collapsed trilayers through a locus of constant size. In this article, we use the theory of nucleation and growth to show analytically that during collapse, the area can decrease at rates that decelerate when each individual structure grows through a region of fixed dimensions. We also show that binary films of 30% dihydrocholesterol (dchol) and dipalmitoyl phosphatidylcholine (DPPC), which have previously been shown to form a homogeneous monolayer from which trilayer disks grow through a point, collapse with rates of area decay that slow, in agreement with our analytical expressions.