Can I buy an apt in NYC for short term renting?

You can research further online but my understanding is that rentals <30 days, where you do not also dwell in the apartment, are illegal unless they are in hotels. The building management (condo association or coop) may have even more stringent restrictions in place.

If it came to anyone's attention, your occasional presence and some personal possessions in the apartment might be a factor in your favor, but once the management documented a pattern of you using it <10 days a month, and paying guests >20 days a month, never overlapping, you'd be in trouble.

Assuming it's legal, it's unlikely many buildings will allow an ongoing airbnb situation. Also keep in mind that hotels come with no headaches, if you own an apartment you have utilities, insurance and maintenance (appliances, water leaks, damage by tenants, etc) that are your responsibility. It sounds great to rent out an apartment, but it comes with a host of problems and responsibilities, especially being a non-resident owner. Good Luck.

You can not do it. NYC laws do not allow it.

210 east 47th has very flexible rental policy. Check with brokers who work that building. maybe they can help.

You also pay a higher tax rate on the apartment.

New York law prohibits rentals of less than 30 days unless you are living there at the same time or rent it out to family members (the definition of which is rather broad and is not just people you are related to). If you are serious about doing this, you should definitely have a consult with an attorney to understand the law and to understand the ramifications if you get caught violating the law.

Dan Gotlieb
Digs Realty Group
www.digsrealtynyc.com

Hey guys, thanks for your thoughtful and helpful responses. So I guess I can conclude that buying a small studio (700k ish) is a bad investment for me unless I can expect to make capital gain from property value rising (but is this likely at the moment?)

Ultimately, country boy, how secure do you feel, as someone forced into working in Maine, with a Manhattan real estate investment? You could make out real well if you navigate all of the nonsense associated with AirBnB which is still going through lots of scrutiny, or you could lose your investment if any number of factors don't go your way. Personally, my feeling is if you told me you were a Mainer looking to be aggressive and get out to the big city and willing to do everything it took, I'd be encouraging so long as you did your homework and were ok with the risk, but if you are a New Yorker seconded to Maine, well, that says something different about you.