Top Town managers, surprised at brokerage’s sudden downfall, land at Corcoran, Compass

Ryan Fitzpatrick and Dan Marrello move to rival brokerages

TRD New York /
Apr.April 25, 2018 03:00 PM

110 Fifth Avenue, Ryan Fitzpatrick and Dan Marrello

A pair of top Town Residential managers, stunned by last week’s announcement that its resale and leasing businesses would close, are taking their boxes to new desks at the Corcoran Group and Compass.

The hires of Ryan Fitzpatrick, who has moved to Corcoran, and Dan Marrello, who is set to go to Compass next month, offered insight into Town’s downfall.

Fitzpatrick said his office at 110 Fifth Avenue had been “very busy” in the lead up to the announcement.

“In the moment it came as a surprise,” Fitzpatrick said. “Was I aware of some internal issues? Of course. But I did not think they would result in what transpired last Thursday.”

Fitzpatrick, who oversaw 150 agents at Town’s flagship office, heads off to Corcoran as a senior managing director, the same firm where he started his career.

110 Fifth Avenue

Town’s divisional closures also came as a surprise to Marrello, who was sitting in Town’s office at 110 Fifth Avenue when contacted by The Real Deal. The departing managing director of leasing at Town will be the last to leave the premises before joining Compass next month as a sales manager, he said.

“I’m really excited, it’s a bittersweet time for me. I don’t see a better place than Compass,” Morello said. “To be honest with you, I don’t think any of the other traditional brokerages will be able to hold the stick to them.”

Agents and managers aren’t the only assets up for grabs. Compass is in talks to take over Town’s 16,600-square-foot flagship office in Flatiron. TRD reported Tuesday that Compass is looking to lease the fourth and fifth floors, where the asking rents check in at $80 per square foot.

Asked whether Town is a casualty of change within the city’s real estate industry, Fitzpatrick said he is still absorbing what happened.

“In New York, it’s an anomalous market, but it has to change too,” he said. “Certainly there are lessons to be learned.”


Related Articles

arrow_forward_ios
49 East 10th Street and Barbara Corcoran (Credit: Google Maps and Getty Images)

Corcoran to shut down office in building partly owned by Barbara Corcoran

Corcoran President & CEO Pamela Liebman (Credit: Corcoran, Getty Images)

Welcome to Queens: Corcoran opens first borough outpost

Corcoran CEO & President Pamela Liebman (Credit: iStock)

Corcoran begins new lead-gen push via Facebook ads

Compass doesn’t want a jury trial in the Avi Dorfman case

Like WeWork, Compass touts tech and culture. Are the companies different?

Brokerage firms are strategizing ways to make up losses after the cost of application fees was capped at $20. (Credit: iStock)

Brokerages on rental application fee cap: “It hurts”

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

Alex Rodriguez (Photos by Guerin Blask)

A-Rod is coming for NYC and SoFla real estate

arrow_forward_ios