Andrew Heiberger Buys Out Joe Sitt, Takes Control Of TOWN Residential
After purchasing Thor Equities CEO Joe Sitt’s 50% stake, CEO Andrew Heiberger is the sole owner of TOWN Residential and its affiliates, including TOWN New Development, TOWN Marketing & Leasing and Town Commercial.
It's not currently known how much the buyout was, but considering the TOWN brand is worth “tens and tens of millions” of dollars, Andrew (who's in the middle, with Joe to his right, at Bisnow's state of the market last fall) it required some help and investment from wealthy individuals.
When TOWN was merging with LA-based residential brokerage the Agency back in May, Andrew was confident Joe would remain as a partner. But the two never really got along—suing each other in 2014 over poor financial performance—and Joe has been rumored to be shopping around his stake for more than a year, The Real Deal reports.
In a prepared statement, however, Andrew recognized Joe’s contributions since the firm’s founding in 2010. He highlighted the collaboration with Fortune International Group, forming a New York-Miami alliance to organize "experiences" and property tours during Art Basel 2015, a partnership with data firm UrbanDigs, the publication of lifestyle magazine My Town, and the constant expansion of The Astor Room, a professional development platform.
Andrew's confident the firm’s success to this point is only the beginning, and says he committed to the six-year-old luxury real estate firm's future.
Over the firm’s first five years, the firm closed $8.5B in total sales and leasing volumes across nearly 16,000 transactions. In the first half of 2016, TOWN has brokered more than $1.2B in sales and leases.