I don't know much about NYC, but I can tell you that it is against federal law to discriminate against anyone based upon their national origin, so I don't know who told you that you can't buy a co-op, but I think they were mistaken.
Each co-op will have their own home owners association and their own set of rules. In a co-op, you will have to be approved by the board before you can purchase, and often times, they will approve or disapprove the price.
Condos are easier to deal with and perhaps a better investent. Each condo will have it's own home owners association and it's own rules. You might have to be approved, or you might not, depending upon the rules for that building.
There are certainly as many condos in NYC as there are co-ops, and probably more.
If you are looking for a place that you can rent out, NYC has rent control and it can be difficult to deal with. Make sure you know the law before you buy. Most co-ops do not allow renting.Many condos do not allow renting. Be very cetrtain what the HOA rules are before buying.
Prices in the USA are very local and I do into think that prices in NYC have gone down. If you like big cities, then NYC would always be a good place to invest, as long as you are careful about what neighborhood you buy in and stay out of rough areas. When prices are down is the time to buy. Prices won't stay down.
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