2% rule in NYC

[Lorenzo Bernasconi]

Hi, I'm new to real estate investing and came across the 2% rule for investment properties. I'm looking to invest in NYC (5 boroughs) and can't see how this rule of thumb applies. Purchase prices seem so much higher as to make this target seem impossible. Any advice would be much appreciated! Thanks! Lorenzo

[Lorenzo Bernasconi]

Great -- thanks very much.  This is very helpful.  Even a 1% rule though seems like a lot for NYC.  Would it be imprudent to invest in anything less than this?  Thanks!