Thanks for following up - that's my thought too, but with a tight turn around time, I don't have the luxury of waiting for the correction. 

My strategy/advice would be to take one vacant unit and renovate it with a light-colored luxury vinyl (waterproof so it can go in kitchens and bathrooms), repaint and do a few small improvements in the unit and try to get a substantial rent increase.

However, it seems most of this glut is in the luxury market.

Hotels and luxury high rises are already going up few streets away.

You could claim the contract is void by virtue of impossibility as you cannot be trespassed off of your own property. 

We're both loud on the phone, and it's a luxury to have a completely separate space. 

You can make the apts small, finishes like tile, cabinets and counters are a fraction of the cost and that’s what separates luxury from affordable in my area.

The appreciation investor doesn't have that luxury because "the future" IS the investment.

Im currently living in a luxury building in Bergen county area by the water and my lease is up January 31st 2019.

As far as new 1-bedrooms coming to market,  most of these are luxury units and luxury price point.