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?