The Real Deal New York

Andrew Heiberger sells UES townhouse for $11.8M

Sale comes as Town Residential faces turbulence

June 13, 2016 12:30PM
By Kathryn Brenzel

161 East 63rd Street (inset: Andrew Heiberger)

161 East 63rd Street (inset: Andrew Heiberger)

Several years and price cuts later, Town Residential co-founder and CEO Andrew Heiberger has sold his Lenox Hill townhouse for $11.8 million.

The six-story home, located at 161 East 63rd Street, has six bedrooms and 1,750 square feet of outdoor space, according to StreetEasy. Heiberger bought the home in 2004 for $8.1 million, around the same time that he sold brokerage Citi Habitats to the Corcoran Group, property records show. He first listed the home for $16.9 million in 2009, and then cut the price a few times over the years. The home has floated on and off the market since 2009.

Heiberger and his family have not lived in the townhouse for more than three years. Eric Adjmi, of the Adjmi Apparel Group, is the buyer. Ginger Brokaw and Jimmy Brett of Town handled the sale.

161 East 63rd Street

161 East 63rd Street

Heiberger said he again decided to sell after his long-term tenant left late last fall.

“I decided to sell versus trying to find another high paying tenant in this market,” he said in an email.

The sale comes at a turbulent time for Town. Earlier this month, Heiberger announced that Town would not merge with Beverly Hills brokerage the Agency.

He and co-owner Joe Sitt had discussed a possible collaboration. Sources told The Real Deal a “strategic alliance” with the Agency may still be on the table. Other drama has unfolded at the brokerage, including a bombastic lawsuit filed by Wendy Maitland, one of Town’s founding members accusing Sitt of starving the company of funds.

Last month, a Douglas Elliman manager sent an email trying to recruit some Town brokers.

 

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