The Real Deal New York

Town reports $1.9B in 2014 business

Year saw public spat among firm's top guns but sales shot up
By E.B. Solomont | December 30, 2014 04:00PM

Despite behind-the-scenes drama, Town Residential turned in a solid financial performance in 2014.

According to numbers provided by Town, the brokerage generated $1.86 billion in total sales and leasing volume, representing a 15.6 percent increase over 2013. In all, the firm closed 1,148 sales with an average price of $1.6 million, and it completed 3,775 leases with an average rent of $4,499.

Town currently has over $780 million in sales exclusives, the firm said. Its 238 sales listings have an average price of $3.27 million and its 251 rental exclusives have a total value of $27.9 million, or average monthly rent of $9,272.

It’s not common for firms to disclose their financial performance. CEO Andrew Heiberger said in a statement that he hoped other firms would follow Town’s lead and “open the books, share real numbers.”

One firm that does share its financials is Douglas Elliman, the largest brokerage in New York City and a subsidiary of publicly traded Vector Group Ltd. Vector has not yet released its fourth quarter results but during the third quarter, Elliman closed deals worth $5.2 billion, compared with $4.5 billion during the prior year quarter.

Town is finishing up a tumultuous year in which Heiberger and equity partner Joseph Sitt of Thor Equities traded public barbs after Sitt refused to renew Heiberger’s contract as CEO. The pair patched things up this fall and Heiberger resumed control in October on the same day former president and COO Jeff Appel left the company.

In 2014, Town saw several top brokers exit the firm but picked up some high-profile additions, including Shlomi Reuveni, who joined the brokerage from Brown Harris Stevens.