Depends which end of 54th Street - are you near Blvd East or Bergenline Ave? Anything near the Blvd will be pricey, but the resale value is better and in a normal market I would tell you to jump on it. Right now I would be very careful about purchasing in this very volatile area. Too many units have been on the market for many months. Do your homework, work with an agent who can pull the listing history and make sure she knows this market. Make an offer using all of this info and you could do extremely well.