HELP: Role or Location? What is more important

I graduated in 2021, worked at a LMM PE Fund for a little over a year. I have since pivoted to a regional real estate development shop (multifamily development in the metro area of a Tier 2 city), but the work is slow and the firm is small. I'm doing Acquisitions and Capital Markets, deal flow is dry because we are small and don't really get competitive in bidding. I'm realizing I don't want my career tied to the performance of one city with a smaller developer. I would rather join a large operator or fund. My ultimate goal is to land in NYC at a REPE/development shop. 

I'm faced with a couple of options - either join a large RE developer (500+ employees) in a tier 2 city, or take a RE credit analyst job at a big bank in NYC originating loans for CRE developers/investors. I'm having a hard time deciding what path will get me to my goal of REPE in NYC...

On the one hand, if I go for the developer, that is direct experience on the deal team with a principal but then after 2 years I will try and get something in NYC. At that point I will have 4 YOE on the deal team on the principal side, which I hope I can leverage into a top 100 REPE firm. But I'm not sure how difficult it is to "break into NYC". It seems like firms/recruiters really value people already in NYC who are used to the pace, energy, and grind.

The other opp is in NYC, but the role isn't ideal and it's on the credit side. I'm open to it but I don't want to have a hard time getting in REPE from credit. I'm not sure what recruiters/firms will value with 2 YOE on equity and credit each... Seems like most roles are one or the other. But I'm thinking that this bank lends to and interfaces with developers and REPE firms, which may open up some networking opportunities for me. Also, just being in NYC will make networking much easier.

TL;DR - should I take a 1st choice role in a 2nd choice city or take a 2nd choice role in a 1st choice city when my ultimate goal is 1st choice role in 1st choice city.