Town Residential’s Patty LaRocco, one of the firm’s top producing brokers, has returned to Douglas Elliman amid an ongoing dispute between Town’s former CEO and its largest investor, The Real Deal has learned.
LaRocco is bringing her five-person team to Elliman, where she previously spent eight years, eventually serving as a senior vice president. She moved to Town from Elliman in 2012.
At Town, LaRocco was the company’s number one broker downtown, according to her StreetEasy profile. She worked out of the firm’s office at 110 Fifth Avenue.
Her departure comes at a turbulent time for the company. In late January, Town founder Andrew Heiberger filed suit against the firm’s biggest investor Joe Sitt of Thor Equities after Sitt terminated him as CEO. No agreement between Heiberger and Sitt has been announced so far.
LaRocco had been listing several trophy properties at Town, including a $10.75 million townhouse at 5 Centre Market Place in Nolita owned by Gregory Soros, an artist and son of hedge fund mogul George Soros, and a $35 million apartment at 115 Central Park West owned by Susan Soros, George Soros’ ex-wife. Both listings will come with her to Elliman, she said.
“I am thrilled to welcome Patty back home to Douglas Elliman. She’s just a wonderful person and a star in the industry and we welcome her return with open arms,” said Dottie Herman, President and CEO of Douglas Elliman.
LaRocco will be based out of Elliman’s 774 Broadway Office.
In a statement, LaRocco said: “I think what Dottie and [Elliman chairman] Howard Lorber have achieved with Douglas Elliman is remarkable. They offer unmatched opportunities, and they have the infrastructure and reach to support me and my new development projects.”
In an interview, she declined to comment on the ongoing litigation between Town’s higher-ups, saying only that “Elliman has a stable infrastructure.”
Jeff Appel, president of Town, provided the following statement on LaRocco’s departure.
“Patty enjoyed a record year with Town in 2013 and we’re proud to have had such a positive impact on her career… Of course we wish Patty and her team only the best and we would welcome her back to the Town family at any time.”