Town Residential is shuttering two Manhattan offices that it opened amid its rapid expansion in 2013.
At 7,100 square feet, the first office, at 446 West 14th Street in the Meatpacking District, was one of the firm’s largest. The second, at 530 LaGuardia Place in Greenwich Village, totals 4,340 square feet.
Town CEO Andrew Heiberger said the closures are simply a move towards greater efficiency within the company and are not symptomatic of financial troubles or a sign of layoffs ahead. Rather, agents from both offices will move to nearby offices at 110 Fifth Avenue and Astor Place, he said.
Melissa True, one of the firm’s most high-profile executives, will leave her role as manager of the Meatpacking District office to join the management team of Ryan Fitzpatrick and Dan Marrello at the Fifth Avenue Flatiron office.
The closures are simply “efficiencies to continue to position Town to flourish in any climate,” Heiberger told Real Estate Weekly. “While we could rest on the laurels of our proven foundation and successes, we don’t.”
Heiberger launched Town with a bang in 2010, predicting that it would become the city’s largest residential firm, overtaking market leaders like Corcoran and Elliman. Just three years after the company launched, it had 600 brokers and 10 offices.
The firm has 633 agents, up from 99 in 2011. After the two offices close, there will be eight total, all in Manhattan.
Industry players have long speculated that, in an effort to buy market share, the company rolled out new offices too quickly.