Sitt, Heiberger send joint email to Town staff

TRD New York /
Feb.February 07, 2014 04:28 PM

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.


Related Articles

arrow_forward_ios
Stefano Ricci, Joe Sitt and 118-120 Northeast 39th Street (Getty, Thor, Google Maps)

Thor Equities sues to evict Stefano Ricci from Miami Design District

Thor Equities sues to evict Stefano Ricci from Miami Design District
Michael Shvo, Thor Equities’ Joe Sitt, Wharton Properties’ Jeff Sutton and 530 Broadway

Michael Shvo closes on Soho retail building for $382M

Michael Shvo closes on Soho retail building for $382M
Andrew Heiberger (Photo by Studio Scrivo)

Andrew Heiberger on the future role of a resi brokerage

Andrew Heiberger on the future role of a resi brokerage
494 Broadway and Thor Equities' Joe Sitt (Credit: Google Maps)

Thor faces foreclosure on site where lender says it’s seeking “unrealistic rents”

Thor faces foreclosure on site where lender says it’s seeking “unrealistic rents”
Thor Equities' Joe Sitt and 725 8th Avenue (Credit: Google Maps)

Thor facing foreclosure at Theater District building

Thor facing foreclosure at Theater District building
Joe Sitt and 1725 Shore Parkway in Bensonhurst (Credit: Google Maps)

Thor sells Bensonhurst big-box store for $75M

Thor sells Bensonhurst big-box store for $75M
Compass' Rory Golod and Robert Reffkin at 110 Fifth Avenue with Andrew Heiberger (inset) (Credit: Google Maps)

Town’s old office now “unrecognizable,” Compass says on moving day

Town’s old office now “unrecognizable,” Compass says on moving day
Thor Equities chairman Joe Sitt and 1006 Madison Avenue

Thor in danger of losing Madison Ave property

Thor in danger of losing Madison Ave property
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...