The Real Deal New York

Andrew Heiberger returns as CEO of Town

Partner Joseph Sitt has led the firm since earlier this year
By Hiten Samtani | October 01, 2014 11:05AM

Andrew Heiberger is retaking the reins at Town Residential, replacing business partner Joseph Sitt as CEO, effective immediately.

“From the beginning, Andrew has led the way in establishing a new degree of excellence on behalf of our clients and representatives,” Sitt and Heiberger said in an email sent to Town’s staff this morning that was shared with The Real Deal. “In the coming months and years, you can expect to see even more, as we continue to cement our reputation as the leading light in New York residential real estate.”

Heiberger founded Town in 2010, and rapidly grew the company into one of the city’s largest residential firms. Sitt’s Thor Equities became a major investor in the firm in 2011. Heiberger was CEO of the firm until January of this year, when Sitt refused to renew his CEO contract on the grounds that he had failed to meet any of the financial targets the two had agreed upon.

The partners reached a legal settlement in March, but the battle took its toll on the firm. Many top executives took flight.

During Sitt’s tenure, the firm announced plans to open its first international office in London, as well as establish a commercial division.

Sitt will remain co-chairman of the firm. As CEO, Heiberger will take over day-to-day operations at the 600-agent firm from president and COO Jeff Appel.