Help! Pros & Cons of Brooklyn, NY 14 unit Condo Conversion?

[Joseph Kotey]

Hi our 14 unit rent stabilized apartment building is not very profitable  due to strict rent stabilization laws in NYC. I know it involves significant renovations and legal help but I believe all units will sell for about 12 million and we would only be into in for 4 million or less compared to selling or doing buyouts based on the appraised value of 2.5million. We currently don't have any debt so we have room to work 

I'm NYC has some ways to make this deal harder than it looks so please share any Pros and Cons you're aware of. 

Thanks!