Reid Price loses appeal against Town

Brokerage's former new development chief, now at Elliman, said Town owed him nearly $500K in commissions

TRD New York /
Apr.April 16, 2015 06:01 PM

Town Residential does not owe its former head of new development $490,000 in commission payments, the Appellate Division of the New York State Supreme Court ruled Thursday.

Reid Price lost his appeal against a judge’s dismissal last year of his counterclaim against the brokerage’s suit against him. Price, now a broker at Douglas Elliman, had claimed that Town owed him $490,000 in commission payments.

In September 2013, Town sued Price for allegedly breaching a noncompete agreement by joining Elliman and said that the broker owed his former employer nearly $500,000. Price filed a counterclaim stating that Town owed him a similar amount in unpaid commissions.

In August, Judge Eileen Bransten dismissed Price’s counterclaim, which he appealed in September. Thursday’s decision by the Appellate Division of the New York State Supreme Court brings an end to that appeal. Town’s litigation against Price is ongoing.

Price couldn’t immediately be reached on Thursday afternoon. His current listings include several apartments at the Sterling Mason at 71 Laight Street in Tribeca and at 301 West 53rd Street.

Representatives for Town declined comment. The brokerage’s controller, James Corcoran, left the firm Wednesday, as The Real Deal reported earlier today. In August, the firm won its noncompete suit against Nicole Oge, who is now the global head of marketing for Elliman.


Related Articles

arrow_forward_ios
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

Ex-Town exec Luciane Serifovic launches virtual brokerage

Ex-Town exec Luciane Serifovic launches virtual brokerage

Gladstone, Heiberger settle $100M libel suit

Gladstone, Heiberger settle $100M libel suit

Former Town exec Melissa True is now leading agent development and recruitment at Elliman

Former Town exec Melissa True is now leading agent development and recruitment at Elliman

The Real Deal’s E.B. Solomont receives two Front Page Awards

The Real Deal’s E.B. Solomont receives two Front Page Awards

Four months later: These brokerages took in the most Town Residential agents

Four months later: These brokerages took in the most Town Residential agents

Bentley Zhao’s New Empire hits Town with $250M defamation suit

Bentley Zhao’s New Empire hits Town with $250M defamation suit

Partnering up: Brokerage affiliations in SoFla are having a moment

Partnering up: Brokerage affiliations in SoFla are having a moment

arrow_forward_ios