Depending on how much you end up paying for the new place, you could parlay some of that equity into cash flowing properties in cheaper markets, to diversify your holdings a bit and get some more stable income in a market not as prone to volatility as NY.

How much, and what type, of each investment is dependent on how much volatility the client is willing to accept, when the funds will be needed, and the client's goals, abilities, and tax situation.

Knowing the volatility of the vacation rental market, and beach closures during the COVID uncertainties, I opted out of pursuing that venture.

If you're planning to use the money for retirement, keep in mind that STR are volatile compared to LTR.

Our team is in the process of creating an algorithm that is designed to indicate the best possible time to lock a mortgage rate determined by various factors such as upcoming economic/market data, news related volatility, duration of lock allowance, present US 10 year treasury price action etc.  

It's important to note that STR income can be more volatile than long term income.

Seller wants to provide everything caveat emptor “Purchaser beware”Purchaser wants as much assurances prior to closing, certain Seller reps and warranties will survive, but typically hard to enforce post-closingPossible solutions include escrow account for highly volatile circumstancesThe parties involved SellerSeller’s Agents i.e. managers, engineers, leasingPurchaserPurchaser’s Agents i.e. engineers, surveyors,Seller BrokerPurchaser’s BrokerSeller’s AttorneyPurchaser’s AttorneyTitle CompanyEscrow AgentLenderWho does whatSeller is responsible for approving the submitted documents from Purchaser in a reasonable timeframe, but typically not a contractual dutyPurchaser typically proposes LOI, PSA for initial term discussionBrokers are responsible for conveying information and negotiating their client’s position based on market comparablesAttorneys negotiate detailed terms within written agreementsIn some cases, can act as a party’s broker if a deal is unrepresented by a commercial brokerTitle company provides title insurance subject to listed exceptionsCan also act as escrow agent to hold Earnest Money and Purchase MoneyIn the event of a dispute, title is often very neutral and requires both parties to sign a release consenting to liquidated damagesLender will engage in some due diligence on the value of the assetMay require changes to loan terms based on documents discovered during escrow period

Less volatility in given markets.

Vegas is a SURE-THING in the long run but higher than average volatility should be expected in the short-mid term. imo 

If you're investing in primary markets, as you likely know, you should expect more volatility.