01/26/2009 05:12 am ET Updated May 25, 2011

Five New Yorkers Fashion Rent-Free Home Out Of Abandoned Ferry

The ship is owned by a 29-year-old real estate investor named Jonathan, who spoke on the condition that his last name not be published and the precise location of the ship and its name not be mentioned because its status is legally murky. Jonathan, who lives on the ship, said it is registered as required, but, tied up to some steel pegs embedded in a concrete wall, it does not pay docking fees to a private marina or the city. He said he found the ferry on and bought it in 2007 for a price he would not disclose except to say, "All of my friends spend more on their tiny studio apartments than I do on this."