TOWN Residential — a luxury residential brokerage co-founded by investor Joe Sitt
and Andrew Heiberger in 2010 — has hit $1 billion in sales through the first three quarters of the year.
The brokerage announced yesterday (Tuesday) that the figure tops last year’s cumulative earnings.
In 2012, the company hit $1 billion in December. One year later, the revenue was achieved in September.
Andrew Heiberger said the numbers left no doubt the company has become an “established leader in the luxury Manhattan real estate market.”
Completion of phase two of TOWN’s growth plan was memorialized on Tuesday, October 15, with the official opening of TOWN West Village in the Meatpacking District. The office will feature Manhattan’s only fully equipped, outdoor real estate work space, to be called TOWN Rooftop.
TOWN said it now has the number one largest luxury real estate presence Downtown below 34th Street, as well as the fourth largest footprint on Manhattan’s East Side.
The company has closed 702 transaction sides, with a total volume exceeding $1 billion through the month of September 2013.
It also completed 2,867 rental transactions which is over 10 transactions every day, with a cumulative value of $297,040,000. This number is not included in the $1 billion sales revenue.
Heiberger said the company will continue to introduce new and improved systems, technology, and information “to enhance the process of buying and selling luxury real estate and we will continue to fine tune our operations.”
He noted that the firm’s New Development division currently has more than $340 million dollars of signed sales exclusives.
“So far, all of the products are super prime, full-floor condominiums with price points starting at $5.4 million and climbing to over $40 million,ˮ said Heiberger.
“Currently, we are hyper-focused on finishing the year as strong as we started, as we approach our three-year anniversary.”