Court dismisses Reid Price’s claims against Wendy Maitland

Town's former new development head alleged they had commission-sharing agreement

TRD New York /
Oct.October 29, 2015 05:52 PM

Reid Price is having a terrible, horrible, no good, very bad week. On the heels of being sued by Town Residential for a second time on Wednesday, Price suffered a blow in court Thursday when his allegations against ex-business partner Wendy Maitland were dismissed.

Price, Town’s former new development chief, and Maitland, Town’s president of sales, were a top broker team at Brown Harris Stevens before they both joined Town in 2010. In his 2014 complaint, Price said he and Maitland shared commissions while at Brown Harris and had an oral agreement to do the same at Town. Price left Town in 2013 and is now an executive vice president at Douglas Elliman.

Maitland denied that she and Price agreed to continue splitting commissions, according to court documents.

On Thursday, Judge Eileen Bransten dismissed Price’s complaint on the grounds that certain agreements are required to be in writing in order to be enforced.

“There was nothing in [their respective] employment agreements about any sharing of commissions,” said Robert Kaplan, an attorney for Maitland. In fact, he added, “Under their employment agreements, there was no provision for them to be receiving commission at all.”

Price’s complaint against Maitland stems from a lawsuit that Town filed against Price in 2013, after Price decamped to Elliman. In that suit, Town alleged Price violated his noncompete agreement and owed the firm $460,000, plus interest, for loans made while he was employed by the brokerage.

Price filed a counterclaim, alleging Town owed him $490,000 in commission payments, but the counterclaim was dismissed. In August, a court ruled in Town’s favor, ordering Price to pay the firm $613,000, the amount of the original loan plus interest.

Town filed a second lawsuit against Price on Wednesday, alleging that Price emptied his personal and business bank accounts in order to avoid paying a court-ordered sum of $613,000.

An attorney for Price was not immediately available to comment.


Related Articles


Two Elliman agents launch platform to provide renters, buyers and sellers up to $50K in unsecured loans

Jacob Sudhoff and Scott Durkin (Credit: Sudhoff Companies, Emily Assiran, iStock)

Douglas Elliman is coming to Texas

Elliman’s revenue rose 18%, after sales frenzy to avoid New York’s new transfer tax

From left: RealPlus' Eric Gordon, Corcoran's Pam Liebman, Halstead's Diane Ramirez, Douglas Elliman's Howard Lorber and Brown Harris Stevens' Bess Freedman (Credit: Eric Gordon by Emily Assiran, Getty Images, Halstead, BHS, iStock)

Terra sells part of RealPlus stake to Corcoran and Elliman

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

Rents increased year over year this September in Manhattan and Brooklyn to $4,336 and $3,366

Rents tick up and concessions fall amid broader economic uncertainty

The number of closed sales fell by more than 14 percent year over year in the third quarter (Credit: iStock)

Low mortgage rates are killing Manhattan’s all-cash buyer

The MTA says it has the funding to extend the Second Avenue Subway to East Harlem, and the real estate industry is thrilled. (Credit: Getty, iStock)

Developers see dollar signs in Second Avenue subway extension