Which offer should I take?

Interned at a LO AM in the FoF business this past summer and received a return offer for next summer. I also received an offer to join a small REPE firm in NYC that seems like it's growing. Not sure which offer to take – the pay is significantly less at the REPE firm despite being in a HCOL area and I am worried about the trajectory/cyclicality of real estate investing. The problem is, I see myself living in NYC long term and the LO AM is a rotational program where you stay for ~5 years post-grad in another mid-sized city. I also don't hear about a lot of people going into FoF out of undergrad and don't want to get pigeonholed by accepting either offer. I appreciate any advice.