The Real Deal New York

Reid Price loses appeal against Town

Brokerage's former new development chief, now at Elliman, said Town owed him nearly $500K in commissions

April 16, 2015 06:01PM
By Claire Moses

Reid Price

Reid Price

Town Residential does not owe its former head of new development $490,000 in commission payments, the Appellate Division of the New York State Supreme Court ruled Thursday.

Reid Price lost his appeal against a judge’s dismissal last year of his counterclaim against the brokerage’s suit against him. Price, now a broker at Douglas Elliman, had claimed that Town owed him $490,000 in commission payments.

In September 2013, Town sued Price for allegedly breaching a noncompete agreement by joining Elliman and said that the broker owed his former employer nearly $500,000. Price filed a counterclaim stating that Town owed him a similar amount in unpaid commissions.

In August, Judge Eileen Bransten dismissed Price’s counterclaim, which he appealed in September. Thursday’s decision by the Appellate Division of the New York State Supreme Court brings an end to that appeal. Town’s litigation against Price is ongoing.

Price couldn’t immediately be reached on Thursday afternoon. His current listings include several apartments at the Sterling Mason at 71 Laight Street in Tribeca and at 301 West 53rd Street.

Representatives for Town declined comment. The brokerage’s controller, James Corcoran, left the firm Wednesday, as The Real Deal reported earlier today. In August, the firm won its noncompete suit against Nicole Oge, who is now the global head of marketing for Elliman.