Looking for Cash Out Refinance options for Bronx, NY Co-Op

[Steve Velez]

I currently own a co-op in the Bronx, NY that I rent out to a long term tenant. It does not have a mortgage, and I would like to cash out refinance.

I would like to use the cash out to purchase another investment property.  I have owned the property for 10+ years and likely has doubed in value since I purchased, so I would likely be able to cash out the appreciated equity in the property leaving my original investment in equity.  Thoughts?  Any references?