I could be making $700/ month by subletting my NYC apartment - is this legal/ethical?

[Jay R.]

Too expensive to buy into this damn city so I want to try making money as a tenant! I'm the only name on the least for a loft in a prime NYC neighborhood. Have lived here for a few years and have a good deal worked out for rent. I want to try and sign a 2-3 year lease with my landlord (a management company) and then sublet my apartment to a few tenants for $700 more than it costs me. I have tenants lined up (2 of the 3 live here - just need to sublet my room) but how do I navigate the legality of this in NYC? Can I be on 2 leases? Can I get sued by either tenants or mgmt co for doing this?

[Pete Nater]

Good question. Probably depends on any restrictions spelled out on your current lease. I would have an attorney who specializes in landlord tenant law look at it. You can get an account with www.legalsheild.com for $15 a month and have them look at the lease for you and advise you, as long as it's less than 13 pages. You can cancel the account after you question is answered, but it's a good resource for other legal matters all over the country.