The Real Deal New York

Sitt, Heiberger send joint email to Town staff

February 07, 2014 04:28PM
By Katherine Clarke

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Andrew Heiberger and Joe Sitt

Andrew Heiberger and Joe Sitt

Battling Town Residential owners Joseph Sitt and Andrew Heiberger today sent a short statement to the staff of the company addressing their ongoing dispute.

In the statement, the duo, which is involved in litigation over control of the fast-growing brokerage, does not offer any specific information as to the future of the company’s leadership but acknowledges the ongoing disagreement between the principles.

“As co-owners of Town, we are fully committed to ensuring that the company’s rapid ascent continues unabated, despite any disagreements we might have,” the statement says. “The wonderful employees of Town, the real estate community and the general public should have full confidence in the fact that Town is on sound financial footing now and will be in the future, and we look forward to our continued success”

Heiberger filed suit against Thor last week, asking a judge to issue an injunction preventing Thor from removing him from the brokerage’s board of managers. He was issued a termination notice by Thor on January 22, which purported to dismiss him as CEO based on performance and “bad acts.” Thor is also allegedly claiming the right to buy Heiberger out of his 50 percent stake in the company for book value.

Neither Sitt nor Heiberger were immediately available for comment on the litigation.

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    We will still fight but not in public.

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