Photo: Circa/Town Residential
Town Realty announced late last night that it would cease its sales and leasing operations through its Town Residential division.
Instead, the brokerage is focusing on “international referrals and new development” exclusively, The Real Deal reports.
The decision effectively means that the current incarnation of the brokerage is “done” after eight years in the business, The Real Deal says in the article. Town Residential was described by The Real Deal as “the quintessential Manhattan brokerage: bold, loud, growth-obsessed and provocative.”
Town Residential employs some 600 agents, who were notified of the news on Thursday afternoon via email. And according to recent reports, the brokerage has been struggling to pay commissions and bills.
Agents have reported delayed paychecks and commission checks as early as summer 2017, with some agents reportedly jumping ship for greener pastures.
“The writing was on the wall, so to speak,” a manager leaving Town’s Astor Place office Thursday evening told The Real Deal.
And, in March of this year, the brokerage began closing a number of its offices. In an attempt to quell the growing discontent in its agents, Town Residential allegedly promised to deliver commission checks within 72 hours of receiving them instead of the customary 30 days, according to the article.
However, the firm was soon after sued for non-payment of commissions by some of its agents.
The firm’s CEO Andrew Heiberger has yet to comment on the announcement.