Condo Conversion in Jersey City - How easy or difficult it is?

[Hastin Shah]

It seems a lot of people now a days are converting their 2/3 families in jersey city to condos - and then selling the condos (for a high price) individually. 

Questions - 

1. How does the Condo conversion work? What is the process? What are the associated costs?

2. What are the criteria for condo conversion? What is the success rate of the application?

3. If I'm buying a 3 family, knocking it down - can I build a building with 3 condos on it?

4. Considering the condos sell at a higher price then 2/3 family - why isn't every seller converting his/her 2/3 family into condo before selling?