Develop & Sell vs. Sell as is in Bushwick NYC

[Anthony Gallagher]

Hi I'm new to BP and interested in getting some insights on a potential project with our home. This is our 1st home and it's been a good investment thus far and we're trying to be smart about what we do.

We own a double duplex 3,200sq ft (800ft per floor liveable space + a cellar) in Bushwick, Brooklyn. Gut renovated the top duplex 3 years ago and it looks great and prettied up the developer special lower duplex for rentability. We have two young kids and are considering our options. 

We owe about 700k on it and it's been assessed at 1.6 conservatively and 2+ by friendly realtor that wants to sell our place. We haven't replaced the roof or the boiler, because they work fine, since we purchased in 2013 but they are on the older side.

1) Sell As is and Move

2) Develop it as there is 2000sq ft of FAR that we could build and the neighboring property which was the same foot print has already maxed out their FAR and condominiumized and sold 4 condos for about 4m.

Not attracted to the condo option but it could be the only way developing the property makes sense.

3) Move, Rent out both units and Hold. 

4) Move, Rent it out and downsize in another area potentially upstate or a "better" neighborhood in NYC

I know this is a very wide open question and alot depends on what we "want" to do. I'm sure I'm leaving alot of important details out but I'd like to see what people here have to say.  Thank you!

A