Meet NYC's Incredible Teen Party Planner

NEW YORK (CBS 2) -- Teens and partying can sometimes be a bad combination. There can be alcohol, or worse, drugs on hand.

But CBS 2's Derricke Dennis reports on a teen with an alternative and its making him bucks.

It's become an illegal right of passage for many teens -- experimenting with alcohol and even drugs at parties.

But 15-year-old Ricky Smith is gaining popularity all over Manhattan for promoting clean, teen parties that parents and kids love.

"I've always really, really had a passion for business since I was in diapers," Smith said.

So he's experienced. Despite his almost empty wallet, he's earning a whopping $15,000 a party, which are organized through a Facebook page titled the "Lost Generation," promoting large scale, twice a month, teen only venues in a drug, alcohol and cigarette free environment.

Smith swears.

"I promise that they're no alcohol or cigarettes or drugs inside," he said.

It does say it -- tongue in cheek -- in the Facebook fine print:

"Due to this silly little thing called the law, there will be no alcohol, drugs, or smoking allowed … People who appear intoxicated enough to be a danger to themselves, the space, or other people, will not be allowed to enter."

"I think it's important for parents to have something that they can allow their kids to do without them having to be so concerned at least," Smith said.

But are the parties as advertised? Ricky promises, but some parents said they aren't so sure.

"I mean are any parties really alcohol or drug free for children anymore? We certainly hope so, but we have no way of knowing," parent Aimee Thurmond said.

Thurmond said she and her daughter know all about the parties, and have heard of teens sneaking alcohol, cigarettes and whatever else they want inside.

Crowding is another concern -- with an average of 400 to 500 teens – but Ricky is still smiling, all the way to the bank.

"Well, I umm … reports are exaggerated, I'm sure," Smith said when asked how much money he brings home.

A modest money maker -- at 15.

All of the parties are signed off on, and insured by the teen's parents.

So far, there have been no incidents.