First of all you need to look at your financials, if you are a foreign national then you need to buy 100% in cash. If you're a 1st time investor I would recommend you to be little careful. You might even just wanted to buy a studio and see how it goes. All I see as a Licensed Realtor in NYC, the rental market little better than last year which means the rent is little bit higher and not many vacancies out there compare to this time last year.
As far as the building type, your only choice would be a condo/condop not a co op because condo/condop is easier to rent and investor friendly compare to co op where you will face lots of different issues time to time.
If you wish I can help you to find something suitable and even rent and manage your unit, just to let you know.
Best of luck otherwise.
It all depends upon your price range and the neighborhood. For sure, as mentioned below, if your goal is for investment, you do need to buy a condo as co-ops are expected to be owner-occupied. If you are able to manage a 1-BR rather than a studio, it would fit both categories of renter that you describe. If you are looking to rent to students, near NYU or near Columbia University are your best bet. You will always have demand there. Again, budget would dictate where - the Village is pricier than uptown near Columbia.
Halstead Property, LLC
I would definitely agree with Anna and Klara to lean towards a condo rather than a coop if you want to be able to rent the apartment - coops have strict rules about renting and most will only let you rent one year at a time and then you have to occupy the appartment for at least a year.
A multi family in Harlem sounds good but then you have the responsibility of upkeeping the property which is impossible remotely so then you have to hire someone to do that which can be expensive and a hassle.
I moved to New York from London years ago and did very well on my city apartment investment - I lived there for 10 years and then rented it for about six before finally selling it as I moved upstate. The exchange rate isn't really that much in your favour right now but if you find a good one or two bedroom condo with manageable monthly fees and taxes you should do fine over time.
Good luck and let me know if you want me to hook you up with a great agent in the city to work on your behalf. The way it works here is that they buyers agent fees are all bundled into the commission that the seller pays on the sale of the property, so you can work with a professional on top of their game at no cost to you. We have a network established of pre screened agents that we match to people looking to buy.
The market in NY is similar to the market in London. There's demand across the board. Rather than buying an apartment which can get quite complicated to rent out consider buying a 4-6 family unit in Harlem for the same price as a one bedroom in midtown. This spreads your rental risk across multiple units so there's always a revenue stream.
Ross Realty International http://www.rossrealtyinternational.com
Make sure you work with a knowledgeble agent with a good reputation, and consider hiring your own appraiser, don't rely upon the the bank's appraiser.
A good appraiser with knowledge of Manhattan, can advise you for a fee, based on your needs, what the best submarket is, what size unit has the lowest vacancy rate and highest rental price per square foot.
Archer Meade Appraisals
Good questions, pick a few top schools, and buy a home / condo / multi-unit.
You cant go wrong, unless you buy it sight unseen or over pay.
A student will care for a 1 bed / 1 bath. A single person a studio, a working couple, a min. of 2 beds / 1 baths
If you would like some help finding the right property I would be happy to help
Klara Madlin Real Estate
212 580 3180 x 200