Now is a great time to buy. The co-op market which is where you will find most of these kind of apartments for sale is flooded. There is an abundance of inventory and you should be able to get a great apartment at a great price. On the other hand, your three bedroom unit, if you own will be more highly sought after since there are less 3 bedroom units for sale.
I work full time in New Rochelle and know this market very well if you would like to discuss this in depth, feel free to call me at 914-260-5349 or email me at firstname.lastname@example.org.