Hosting

[Eli52]

Hello all! I’m wondering if anybody can give me feedback on if it’s worth it for me to invest in a 4/5 bedroom TriBeCa penthouse unit with roof access. How much does the people on here think I can get a night? It isn’t luxurious but it’s fully furnished of course. Very Spacious and beautiful do you think this can go for close to $700 a night for sleeping 7 or 8 guests comfortably? Please let me k is what you think! Thanks! 

[Edwin57]

Come on now no one can tell you how to run your business 

[J-Renato0]

Hello
To make a decision, I would search in Airbnb similar properties in the area, to see the prices (nightly rate) and accupation. Then you can have an idea.
I do not know how is the N.Y. market like, but big apartments in my city are less profitable then the smaller ones.
Can not you buy 2 smaller apartments near Times Square using the same amount of money?
Anyway, if you have an opportunity to buy the penthouse for a good price, and can sell it later on for a much better price, you would not be taken any serious risk. Maybe you could buy the penthouse, try to rent it for a while to see what happened.
Just my opinion and I wish you the best with your investiment!

[J-Renato0]

One more thing to say...

I also do not know about the N.Y laws and the type of building the penthouse is located.
If it was possible, You could also run it like an Inn and It could be also very profitable as well.
I do not live in Rome but I have been there.
In Rome, near Termini (the central station) and also an area with good tourist infrastructure, there are several "hotels" (actually inns) that has less then 10 rooms, and occupies only one floor of the building. In some buildings there are more then one hotel, but everything according to the law.

[Joanne-Flynn0]

Hi

As @J-Renato0 mentioned I would do the same.  Search similar listings and see rate. Be sure to put specific dates so you can see a range of prices.  For example in NYC try mid summer, Winter, holiday weeks etc.  

good luck! 

[Joanne-Flynn0]

Also I just found the website airdna which does airbnb market analysis on specific areas.

May be worth checking out before you invest.

[Gordon0]

The TripAdvisor NYC forumites would have you belive that 99% of NYC Airbnb places are illegal. Isn't this the case?

[Delphine-And-Michael0]

@Gordon0

For entire apartment listings in NYC one and two families are the only ones that do not violate the multidwelling law. There is also the C of O, there was a case in Brooklyn where a one family thought it would be good idea to convert their carriage house for transient rental unfortunately the C of O was updated to a two family and now was in violation. WNYC wrote an article titled
“Think Private Homes Are Safe to List on Airbnb? Think Again”.

There is also the flip side building inspectors have stated incorrectly that some two families are illegal for the number of guests listed because they incorrectly calculated the useable square footage of the apartment.

The most recent proposal is to require registration for transient rental in NYC requiring the registration number to be in any advertisement. I am not sure how
much traction that has gotten though.

[Gordon0]

That's a really helpful note, @Delphine-And-Michael0. The TripAdvisor lot do get carried away. 

I've saved your listing; it looks ace and deffo somewhere I'd be interested in staying when I visit NYC!

[Jack-S0]

Don’t invest just to do Airbnb. Your acct can be closed anytime without explanation or anyone to speak to about it. Happened a lot . Just google problems with Airbnb