Bisnow presents a Choose Your Own Adventure for investing in NYC multifamily:

1) Stabilized, Core

Core makes up as much as three-quarters of the Class-A multifamily investment in New York, saysHFF's Andrew Scandolios.Institutional investors are still--like everyone else--way interested, though they're wary of top pricing vs replacement cost. But land prices are up and materials and labor are on their way, too, erasing the gap. Andrew's team has been marketing the Ashley and the Aldyn (West Side towers totaling 350 units) on the Upper West Side for Extell Development, drawing interest from REITs, pension funds, and foreign investors. Occasionally, an investor will buy before construction, but most still seek the security of leased properties.

2) Value-Add

If you want to make some money by buying low and investing more, put your ego aside and take the subway to Uptown Manhattan (how locals refer to everything north of the storied Upper East and West Sides), the Bronx, Queens, and Brooklyn (other than hipster-haven Williamsburg and baby stroller-chic Park Slope). Just because these properties may not come with a 212 area code doesn't mean they're not good opportunities. Andrew tells us his team is marketing the 417-unit Saxon Hall (above) in Rego Park, Queens, which could pull in a low-$200k/unit at around a 5% cap rate. Replacement cost would be twice that, he says.

3) Condos

All the busted condo developments have been worked out--either finished up or converted to apartments, Andrew says. Most of the condo stock now are small boutiques,because that's what lenders would finance. The NYC condo market, though, is severely underserved, and some "mega condo" towers are in the works. Extell's One57 (the tallest residential tower in NYC) was first out of the ground after the downturn (2010) and will deliver this year. The penthouse sold for more than $90M. (Do all the HBO Go and Netflix subscriptions you steal get charged to this condo?)