Town Residential’s new development chief exits firm

Reid Price, one of the first recruits of two-year-old brokerage Town Residential, has left the firm, The Real Deal has learned.

Price, a managing director who headed Town’s new development division, joined the company in 2010. He was one of a first wave of high-profile brokers to move to Andrew Heiberger’s start-up from firms such as the Corcoran Group and Brown Harris Stevens. Price had previously specialized in new development marketing at Brown Harris Stevens alongside prominent broker Wendy Maitland, who also moved to Town, where she is now senior managing director of sales.

The reason for Price’s departure was not immediately clear. Price declined to comment.

In a statement to The Real Deal, Heiberger said he was “unaware of the reasons” for Price’s departure and hoped he was well.

“It’s ironic because it comes during the same week that we are launching two new development projects, including one that he has worked on,” he said, but declined to identify the developments he was referencing.

Price’s LinkedIn page shows that his employment with Town ended earlier this month. He is now listed on his profile page as the CEO of Price Inc., calling himself “a new development and luxury sales expert.”