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.

  • patrickswqyze

    Oh so now they’re BFFs again? yay

  • drama

    LOL what a joke this company..back & forth, back & forth

  • Bob the Broker

    Pleased as punch Andrew is back. Now Town can return to the great company it started out to be.

  • boxer

    This is great news

  • no-permits

    what. a. mess.

  • YouGotHeibergered

    Also, TOWN agents are saying that Jeff Appel was terminated today…

  • OuttaTowne

    Where is the story about the sale of 11 Fordune Court for $15.575m 70% of the original asking price in the best Hamptons Summer we had in 10 years?

  • observer

    We all realize this is because Jeff Appel got fired, right?

    • art

      Jeff had no idea on how to run a company better yet a problematic one such as TOWN. He was given the chance but he failed…well, I guess he can always go back to being a mortgage broker this time at Chase or TD BANK?

  • camelOrTheBack

    This explains why Andrew is now not honoring all of the crazy deals site and Appel made in order to keep their managers and executives. Rumor has it that London and Brooklyn offices are not happening and more execs shopping for new gigs then ever before

    • wow

      London and Brooklyn, they cant even make money with what they have. HELLO, fix what you have first. Who comes up with these foolish ideas.

  • Town Broker

    This is a terrible loss for Town – Jeff Appel added so much – too bad they all can’t work together!

  • I had them in my office today

    Another round of agents getting ready to leave

  • name change – Town to Clown

    Clown is the Laughing Stock of NYC real estate. Look at the clowns they have managing this company. Are they brokers or managers. Are they selling or managing are they leaving or staying. LOL

  • BROKEr

    heads will roll and more will go to elliman..

    • art

      urban compass is getting many…..many….agent$

      • Bob the Broker

        of course! Urba Compass is paying HIGH 6 figure signing bonuses!!!!

      • callingallshills

        ok UC shill

  • broker

    Maybe these geniuses should try and stay out of the media for a few straight months. Talk about the need for a REAL PR firm. Horrible PR and the idiot thats in charge should be out next. What a horrible run company. So glad I never went there.

  • “No Brainer”

    Andrew should have never been demoted & crapped on in the first place.

  • stay tuned

    LOL next Friday – Town brings back Appel as the new executive senior managing director/ president of rentals.. back & forth back & forth. this company is great at giving everyone a laugh.

  • art

    TOWN aka CLOWN I believe will go bye bye in a year or so …How and can they function like this…agents, managers, staff???

    • YourBoss

      work instead of wasting time on other people business!

  • “No Brainer”

    Heiberger should have never been demoted and crapped on by Joe Sitt !!!