Town has listed $250 million of real estate since December: Heiberger 

TRD New York /
Jul.July 08, 2011 10:13 AM

Andrew Heiberger, the founder and former chief executive of Citi Habitats, said Town Residential, his new brokerage, is off to a “remarkable start,” with 40 employees and 140 licensed representatives. He sat down with the New York Times to give an update on the company, of which he serves as chairman and chief executive.

The brokerage now has four offices, Heiberger said, including two that just opened in the last few weeks. The first location was 110 Fifth Avenue; the second 88 Greenwich; the third was 730 Fifth Avenue, and the fourth, 26 Astor Place. “My headquarters will be 730 Fifth,” he said.

“We’ve listed over $250 million of real estate for sale and we’ve gone to contract and closed on a very significant dollar value. I’m not going to release the exact dollar volume,” Heiberger said. “We’re doing very significant rentals. We have secured, for example, the Moinian account as an exclusive marketing and leasing agent for 1,400 units. We recently secured a building called the Constable in SoHo.”

Heiberger’s business model dictates that 85 percent of the Town’s business will be sales and 15 percent rental, but he’s keeping his options open: “In researching the market again, I learned that very few rental-only agents make a living, and I didn’t want Town to be a churn-and-burn business. I wanted it to be a place where somebody could hang their hat and begin their career, continue their career, graduate their career and end their career after successfully making a lot of money.” [NYT]


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