An investment banker is being sued by a real estate company for allegedly renting out his rent-stabilized apartment on room-sharing site Airbnb, Observer reports, citing court documents.
William Terry Krueger, a 20-year Wall Street veteran and cofounder of Nova Capital Partners, and the other tenant, Adrienne Kennedy, are paying just $1,093.21 per month for Unit 5SW at 118-120 Duane Street in Tribeca, the report said.
According to a lawsuit filed by real estate developer United American Land, the couple was allegedly renting the unit to tourists on Airbnb for $290 to $450 per night with a four-night minimum stay.
It's illegal in New York City to rent an apartment out to anyone for fewer than 30 days.
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