The Real Deal New York

Elliman smells blood in the water at Town

Recruiting email sent Thursday by Michael Signet references "recent happenings" at firm
By Katherine Clarke | May 26, 2016 03:45PM


(inset: Michael Signet )

The sharks are already circling.

Following The Real Deal’s report Wednesday that Town Residential’s president of sales Wendy Maitland is suing the firm and accusing co-owner Joseph Sitt of bleeding it dry, a Douglas Elliman manager is wasting no time trying to poach Town’s talent.

Michael Signet, an executive vice president at Elliman who manages the firm’s office at 774 Broadway, sent prominent Town brokers an email Thursday morning that referenced the ongoing drama at the company and made them a recruitment pitch.

“I know you are in the middle of having an exceptional career,” Signet said in the email, which was reviewed by TRD. “But, based on recent happenings, I was wondering if you would be interested in meeting me for a cup of coffee or drinks after work to discuss the opportunities available for you at Douglas Elliman?”

It wasn’t clear how many Town agents received the email.

Signet didn’t immediately responded to a request for comment. Elliman declined to comment.

Sources inside Town told TRD Elliman is just one in a string of companies that have tried to poach the company’s top-producing brokers. Some rivals sense now is the time to strike, given that Maitland’s assertions about the firm being depleted by Sitt have just come to light.

In a lawsuit filed Wednesday, Maitland claimed Sitt had deprived the company of cash, costing it agents and business and ruining its relationships with its landlords. She also claims his actions watered down the price the company would fetch if it were sold.