Chris, I just re-read your post & now realize that you a talking about "grey market out of New York" instead of B&H. Sorry. On my first quick read I was in a rush & thought B&H WAS the NYC grey market dealer.
There are some NYC dealers I would not go near - no matter how good the deal. If it seems too good to be true, it probably is. There are some who just plain misrepresent their products, e.g. represent as grey when it's really used, refurbished, demo, etc. In other instances, they play bait & switch AFTER they have your money & you have to fight to get your money back. Or they tell you it's not in stock - again AFTER they have your money & again you have to fight like hell to get your money back or wait forever to get what you ordered. Furthermore, returns & service can be a nightmare. Get the picture?
B&H and Adorama are highly reputable. Many other small dealers are highly reputable as well - places like Tamarkin, Kurland, & Photo Village can't be beat. Somewhere on the internet there's a site that publishes customer feedback. I'll see if I can remember it & post it. Of course if this dealer sells on ebay, you can check their feedback there as well.
If money is an issue, there are options other than Leica, as Peter points out. In additions to the various issues of the Kobalux that Peter mentions & which, although superb, can be hard to find, Zeiss will be offering a 21/2.8 Biogon in M-mount in a few months (May/June). Judging by the data published on the Zeiss Ikon website it is the equal of the Elmarit for about half the price ($1300).
Good luck.