The Real Deal New York

Jeff Appel ousted at Town: sources

President and COO’s abrupt dismissal follows Heiberger’s surprise return as CEO

October 01, 2014 02:44PM
By Hiten Samtani

From left: Andrew Heiberger and Jeff Appel

From left: Andrew Heiberger and Jeff Appel

UPDATED, 3:00 p.m., October 1: On the same day that Andrew Heiberger made a dramatic return as CEO to Town Residential, president and COO Jeff Appel was terminated, sources told The Real Deal.

Town made no announcement of Appel’s dismissal, and declined to comment about the decision. He no longer appears on the firm’s website, and could not be reached for comment.

A screenshot of Town's executive team, taken from the brokerage's website this afternoon

A screenshot of Town’s executive team, taken from the brokerage’s website this afternoon

Earlier this morning, TRD reported that Heiberger returned as CEO, taking over the position from co-chairman and partner Joseph Sitt.

After Heiberger departed as CEO in January, Appel became the the public face of the firm and oversaw all aspects of Town’s operations. He was routinely quoted in the company’s press releases and frequently met with Sitt to craft the firm’s long-term strategy. In his role, he took over many responsibilities held by Matthew Van Damm, who moved to the Naftali Group.

A screenshot of Town's executive team from July

A screenshot of Town’s executive team from July

Appel came to Town after a successful career as a mortgage banker with both Bank of America and MetLife. After working with the brokerage part-time overseeing its training programs, Appel joined in a full-time capacity last October.

In a statement at the time, Heiberger described Appel’s hiring as a “once-in-a-decade opportunity.” But sources said that soon after joining the firm, Appel aligned himself with Sitt. Those sources said Appel projected the impression that Sitt, and not Heiberger, was calling the shots.

  • ha

    messsssssssssssssssy company

  • Susie Salesperson

    Thank goodness! He was a self centered blowhard. Didn’t like him as a mortgage broker either.

  • art

    He had no right or expertise running a real estate company holding the title
    Pres./COO, he has no managerial or corporate know how basically he’s just a banker at heart. Next,…so what’s next with this mess of a company-TOWN.

    • Char4Dew

      I agree with you Jeff is a good Mortgage ma and the rest is a joke at best. but Andrew is not a dumb man, I would not be surprised if he used Jeff for poaching brokers, Jeff knew a lot of agents/brokers he can reach out to.
      But being a CEO or a COO of Real Estate is actually very funny. that is like me as a Broker running a Mortgage firm, and I cant imagine doing that, but if they pay me very well, I am sure I can fake it for a while. BUT I WOULD NOT do that. Like I have heard before, Jeff is a Pompous self serving man. but he still did not deserve that stamp on his face. TRD that is wrong….

  • duh

    When you bet on the wrong horse you lose. When you talk shit about the former ceo who was fired for bad acts who has returned to his role, you get fired.

  • Broker

    I have to say The Real Deal has become the national inquirer of real estate news. This is so distasteful to post an image like this with “you’re out” plastered on Appels’s face. Whether you were fond of him or not, no one deserves this type of press. Get a bit of class Real Deal.

    • Neutral

      “Like”

  • Town Broker

    The image of Jeff Appel with “You’re Out” is tabloid journalism and Jeff does not deserve this. He is so smart and was a wonderful mortgage banker and terrific COO for Town. This is a loss for Town!

    • I have a new title at town

      Agreed. The guy came into an unsatble sinking ship. The company has made 5 executive title changes, has had 3 CEO’s all in the last year. Good LUCK I say!

  • Unreal

    The Real Deal is disgusting to post that picture!!! Jeff is a wonderful man, hard worker and a human being!!! Shame shame shame!!!!!

    • patrickswqyze

      Sue them then.

  • wow

    This company is unreal. Love Andrew, but the damage is already done. This company will never be the leader of NYC real estate. Another Citi Habitats at best.

    • Char4Dew

      So why did you think he can orchestrate anything different then a CH?? LOL

  • Industry veteran

    Serves him right…He is a pompous jerk. Perfect example of what goes around comes around. Next!

  • “A Real Soap Opera”

    Andrew hired most of the managers from his old company citi-habitats, so Jeff was a sitting duck.

    Jeff made the wrong move to Town, he is an excellent mortgage banker.

  • Falling Forward…

    Jeff Appel is much better off without Town.
    Wish you all the best Jeff!

  • DownTOWN

    heads have now rolled…and another round of brokers are going to elliman

  • Fake Deal

    Report the facts, RD. don’t be like the the rest of the subjective media. You are the only real estate rag in town so no need to create stories that “sell”. Hope someone rubber stamps your face with “TRASH”

  • Char4Dew

    I wonder what kind of come back Andrew will have. who is getting poached next? LOL

  • I find the image of Jeff in incredibly poor taste. I don’t care what you think of him, this is just ridiculous. Precisely why I rarely read and never advertise in this publication.

  • David

    Sitt should have known better than to mess with the king of building real estate companies in record time. Congrats Andrew.

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