The pizza in New York has a long standing debate going for who is the best. There is one thing for sure, the pizza that comes out of the streets of New York and other neighborhoods near by is were pizza got its big start. Pizza lovers are sure to find a few places that will have some of the best pizza in the world.

Lombardi’s Pizza was the first pizzeria in America when it was established in 1905. It took a few years for pizza to really gain popularity. It wasn’t until after WWII that pizza become a house hold must have. Because Lombardi’s was the first pizzeria many would say that Gennaro is the father of pizza in America. It all started as a grocery store trying to sell something that was a quick lunch for all the busy people walking by. The first pies were just tomato pies. Many of the Italians in the neighborhood would pick them up and take them to the job site. Because they couldn’t always afford the whole pie they just bought slices. It closed for about 10 years after the grandson ran it for a while. He eventually opened the doors back up and it has been running every since.

Grimaldi’s calls itself an institution. They have the coal fired brick ovens as well which gives the unique smokey flavor and crispy crunch in the crust. This is the pizzeria that Frank Sinatra would have sent to him whereever he was performing all over the country. Certainly to Las Vegas. The former Mayor of New York, Guiliani would also get his pizza from Grimaldi’s. There fresh ingredients and cooking style makes it a top of many peoples list.

Totonno’s also started creating great pizza in 1905. Anthony Totonno Pero says he is the first Master Pizziolas. He opened his first pizzeria in 1924 on Coney Island. Totonno’s is the oldest continuously operating pizzeria in America. The business has passed down through generations of the same family. They import handmade mozzarella cheese from Italy and the dough is made each day at each store. The first pizzeria was more casual and has it has the family has opened stores in the city they have become more upscale.

Some of the celebrities of modern fame like to grab a pizza at John’s Pizzeria which is found on Bleecker Street. Jack Black, Vanilla Ice and Regis Philbin have sent in their comments give the pizza some high remarks. In keeping with the local pizza tradition, they also have the wood fired ovens with the most fresh ingredient. They have been open since 1929 and they only sell pizza by the whole pie with cash. No slices is printed in bold along the outside awning.

Manhattan, New York property is not a yield but rather an appreciation game. An investor buying New York property focuses on the long term appreciation potential. Demand for Manhattan property is global, coming from all over the world. Manhattan is a brand and the vacancy rate is less than 2 percent, relative to the US’s 10 percent average. Inflation would mean rents and property values will increase.

A yield strategy in the US would mean investing in a midsize of small city. For example, Syracuse, New York is a college town with a yield of 10 to 15 percent. From personal experience, the appreciation from a city like Manhattan New York far outweights the rental yield cashflow from a midsize of small city.

Commercial property yield in New York (Manhattan) is driven by price point. The lower price point properties, less than $20 million, generally have an asking price at a 5 percent yield.

The higher price point commercial properties, more than $30 million, would have a higher yield, perhaps 8 percent or more. Reason is that at a higher price point, there are fewer players which decreases demand. Also, buyers at the higher price point are often institutions that put a lot more pressure on sellers from a pricing perspective.

The value of commercial property is driven by yield. Similar to a stock’s PE ratio. The more the landlord can obtain in rent, the higher the value because a set multiple, in this case rental yield, would be applied.\

Wei Min is a real estate broker and investor focused on investment property. He is Founder of Castle Avenue Partners in Manhattan, New York. Previously, Wei Min was VP at Citigroup responsible for a $500 million portfolio. He received Citigroup’s prestigious Chairman’s Award, a recognition awarded to the top 2% of managers. He was also Director of Travel Insurance at American Express where he managed a $180 million portfolio.