Wendy Maitland Suit with Town Gets Settled

After litigating for four months, Town Residential and Wendy Maitland have reached a settlement. Maitland used to work for Town residential in the past and had leveled some allegations against Joseph Sitt, a former co-owner of Town. She was also claiming that she should have been allowed to go out of her agreement not to compete with Town as she depended on brokerage to feed ad support her family.

 

 

The complete settlement terms were not fully disclosed but she will continue working at Brown Harris Stevens (BHS) as the resale and new developments broker. Andrew Heiberger, the founder and CEO of Town Residential, clarified that no money had changed hands in the course of coming up with the settlement agreement. He added that since the matter had reached its conclusion, it is now possible for the firm to focus on its continued success and the fall season that is exciting. On the other hand Maitland also expressed her relief on the conclusion of the matter and wished the firm well in its future endeavors. She will now focus on developing her new career chapter. Heiberger gained full control of Town Residential after buying the 50% stake that was owned by the company.

 

 

About Town Residential

 

 

Town Residential is a top-ranking Manhattan real estate firm that specializes in luxury residential leasing, sales and marketing as well as leasing and sales of new development projects. Town employs a kind of approach that is remarkably simple but all-encompassing. It dedicates equal resources and value to new development rentals, marketing and sales as it strives to become the leader in all these three areas. The firm recognizes the common thread that makes up all types of real estate transactions whereby clients have the same set of needs. These are transparency in information dispensation, excellent customer service, professional guidance and neighborhood expertise. Town usually embraces such needs and works hard to take care of them on various business levels.

 

 

Town residential, a brokerage firm in real estate, was founded back in 2010 by its co-chairman and chief executive, Andrew Heiberger. Initially, Joseph Sitt, used to be an equity partner at Town Residential. Sitt owns the Thor Equities, a landlord and development firm in the real estate industry. Heiberger used to be the chairman of the firm while Joseph Sitt was the co-chairman. However, this situation changed in July when Heiberger bought out Sitt by acquiring the 50% stake that he had in the company.

 

 

Heiberger had in the past founded Citi Habitats, a brokerage firm that focused initially on rentals that he sold them to NRT. Town Residential was mentioned by Crain to be among the Top 50 Best Places that you can work in while in the New York City. Earlier in 2013, Town acquired Thomas & Ingram, a boutique brokerage that focuses on sales in the Meat packing District and West Village. Town is striving to become one of the integral part of the real estate landscape in New York. The members who founded the firm were leaders who formed a great close-knit leaders who have a wealthy experience in luxury sales, new developing rentals and marketing.

 

New York Real Estate Soars In 2015

New York real estate sales have broken records across the board this past year. Luxury sales in both Manhattan and Brooklyn have surpassed their previous highest prices, with a penthouse at One57 becoming 2015’s most expensive purchase at over $100 million. At least five other One57 apartments joined the penthouse on the list of the year’s biggest sales, all selling for over $45 million. Other top purchases include a $77.5 million coop at 834 Fifth Avenue and a $37 million townhouse at 125-127 East 70th Street.

Brooklyn broke its own record as well, though prices in the trendy borough still did not come close to Manhattan numbers. Nevertheless, the sale of a $15.5 million townhouse in Cobble Hill is a good indicator of the financial health of the real estate market in the area. It is likely that in the next year or two sales topping $20 million will occur in New York City’s second most expensive borough.

Town Residential is one of the luxury real estate services firms leading the way in these record breaking sales. Though only six years old, the company has already made a name for itself in the competitive New York real estate market. With a focus on Manhattan, it helps clients looking to both sell and to rent luxury homes. For part time residents or clients looking to invest, elegant time share apartments can also be purchased. The other boroughs are represented as well, and even clients looking for out of state vacation homes can turn to Town Residential for assistance.

While it is currently listing several properties at above $20 million, there are also multiple apartments under the one million dollar price tag available through Town Residential. These include pre-war studios and airy lofts, as well as larger one and two bedroom apartments. Multi-unit townhouses with retail space are also currently for sale, and will likely make 2016’s list of top luxury sales.

With sale prices continuing to grow and new units entering the market, 2016 should be as record breaking as 2015. As townhouse inventory in Manhattan becomes more exclusive, market analysts are forecasting a shift to Brooklyn for clients looking for larger units. However, for the ultra-luxury clients who can afford to spend seven or eight figures, Manhattan is still the most sought after market.