Hope you have a good buyers agent who is guiding you through the process patiently and you are here for second opinions.I know absolutely nothing about buying in New York so my opinions may mean nothing lol...

You need serious expertise and patient capital to be able to take advantage of opportunities this time around. 

If you buy it for 600k, and it’s worth 700k prior to you spending a dime, then you have 100k is inherited equity.Now, if repairs are needed, those that are necessary for safety come first (heat and AC would fall here), those that will prevent damage come next (roofs), those that deliver what any tenant would expect come next (appliances).  

The City's safety seems to be eroding a bit. 

We all seem to struggle with being patient but I think that is ultimately what leads to long term success. 

This one is now protected from debt risk and can be a safety net in a down turn as all you have to do is adjust rent enough to cover taxes and insurance without worrying about paying a mortgage. 

Guests are more concerning about healthy safety during this time.

The major engines driving it are safety concerns and restaurants/service industry not at full capacity.

Using this process you could fairly quickly acquire a good number of doors and maintain a large safety-sum of cash-on-hand, which I assume is why you've kept 100k available at the moment.

But, there are limited opportunities for equity uplift in terms of appreciation, unless I get lucky and am patient till the right deal comes along.