How to stay in the New Yorker Hotel - for free (almost!)

I just read the most incredible tale of Mickey Barreto and the New Yorker Hotel. Mickey managed to stay in the hotel for 5 years for just $200.57!

Here is how he did it:

June 2018: Mickey Barreto, a California transplant with a penchant for conspiracy theories, checks into Room 2565 of the New Yorker Hotel. For $200.57, he gets a double-bed room with a view of Midtown Manhattan, obscured by an exterior wall.

The Unusual Residence: Instead of checking out the next morning, Barreto turns the room into his full-time residence, without paying another cent. In a city starved for affordable housing, Barreto secures what might be the best deal in New York City history.

The Law and the Lease: Barreto's stay is extended indefinitely thanks to an obscure New York City rent law. He requests a six-month lease under the Rent Stabilization Act, which allows hotel guests to become permanent residents at a discounted rate.

The Legal Battle: The hotel tries to evict Barreto, but he sues, claiming illegal eviction. A judge rules in his favor, granting him "final judgment of possession" of the room.

The Shocking Turn: Barreto takes the judge's ruling to the Department of Finance and files for a deed, claiming ownership of the entire hotel. Despite several rejections, his seventh attempt is accepted, and he is recorded as the owner of the 1.2 million-square-foot building.

The Aftermath: Barreto demands $15 million in profits and makes plans for renovations. The hotel's lawyers scramble to revert ownership, and Barreto continues to represent himself as the owner.

The Controversy: Barreto's claims extend beyond the hotel, alleging connections between the Unification Church (the hotel's owner) and North Korea. He views his stay as a patriotic duty to expose these alleged ties.

The Eviction and Arrest: Despite his legal residence, Barreto refuses to sign a lease or pay rent. He is evicted in July and later arrested on 24 counts, including 14 felony fraud counts, for his scheme to claim ownership of the hotel.

The Ongoing Saga: Awaiting trial, Barreto's story remains a bizarre chapter in the history of New York City real estate, marked by his audacious attempt to turn a hotel room into a permanent home and his larger-than-life claims.

So, my dear hotel owners: remember to engage an asset manager like me! ;-)

What was your lesson learnt?

Link to the detailed story in the comments below.