Jersey City --- converting a rent control building to condo

[Ryan Alexander]

I am evaluating the purchase of a six-family in Jersey City, which obviously falls under rent control. The rents are meaningfully below market. Does anybody have experience successfully converting a rent control building in Jersey City to condos? I know this process requires ~3 years and that the current tenants need to be offered an opportunity to purchase the units, but I would be willing to go through the process and expense if at the end of the three years I have a building that has six free-market units (my assumption is that none of the current tenants would purchase units). I would then plan to hold the building as a six condo rental building long term. Thank you!