Jeff Appel ousted at Town: sources

President and COO’s abrupt dismissal follows Heiberger’s surprise return as CEO

From left: Andrew Heiberger and Jeff Appel
From left: Andrew Heiberger and Jeff Appel

UPDATED, 3:00 p.m., October 1: On the same day that Andrew Heiberger made a dramatic return as CEO to Town Residential, president and COO Jeff Appel was terminated, sources told The Real Deal.

Town made no announcement of Appel’s dismissal, and declined to comment about the decision. He no longer appears on the firm’s website, and could not be reached for comment.

A screenshot of Town's executive team, taken from the brokerage's website this afternoon

A screenshot of Town’s executive team, taken from the brokerage’s website this afternoon

Earlier this morning, TRD reported that Heiberger returned as CEO, taking over the position from co-chairman and partner Joseph Sitt.

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After Heiberger departed as CEO in January, Appel became the the public face of the firm and oversaw all aspects of Town’s operations. He was routinely quoted in the company’s press releases and frequently met with Sitt to craft the firm’s long-term strategy. In his role, he took over many responsibilities held by Matthew Van Damm, who moved to the Naftali Group.

A screenshot of Town's executive team from July

A screenshot of Town’s executive team from July

Appel came to Town after a successful career as a mortgage banker with both Bank of America and MetLife. After working with the brokerage part-time overseeing its training programs, Appel joined in a full-time capacity last October.

In a statement at the time, Heiberger described Appel’s hiring as a “once-in-a-decade opportunity.” But sources said that soon after joining the firm, Appel aligned himself with Sitt. Those sources said Appel projected the impression that Sitt, and not Heiberger, was calling the shots.