TOWN Residential Continues to Lead the Industry with Record Transactions and Full Transparency

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At the mid-year mark, firm reports $1.188 billion in total sales and leasing volume

TOWN Residential is leading the industry with a commitment to transparency by sharing what many consider proprietary data. The firm finished the first half of 2015 with $1.188billion in total sales&leasing volume–a 22% boost over the same time last year.

TOWN Residential, New York’s preeminent luxury real estate services firm, is leading the industry while continuing a commitment to transparency by sharing what many consider highly proprietary data. The firm closed out the first half of 2015 with a reported $1.188 billion in total sales and leasing volume – a 22% boost over the same time last year. As of June 30, 2015, the firm completed 513 sales transaction sides, a 35% increase over the same time last year, and 1,543 leasing transaction sides with an average price of $1,971,746 and $4,839 respectively. The data reflects New York City business only.

Among the completed are several notable transactions:

  • TOWN Residential successfully transacted 38 properties over $5 million, with 10 exceeding $10 million and five surpassing $20 million
  • The top three sales transactions included a more than $45 million transaction at 279 Fifth Avenue (Aeen Avini and Sean Hughes Team represented both the seller and the buyer); $45 million closing at One57 (TOWN represented the buyer); $39.2 million sale at 277 Fifth Avenue (Aeen Avini and Sean Hughes Team represented both the seller and the buyer)
  • In the first half of the year, TOWN Residential completed 47 rental transactions over $20,000/month, with 20 exceeding $30,000/month
  • 17 of the firm’s top 25 rental transactions were below 23rd Street, with one West Village transaction achieving a remarkable $147.72 per square foot
  • One of the ultra-lux units was rented twice within just a few months – first as a short-term rental for $60,000/month and then again a few months later for $40,000/month over a one-year lease

TOWN Residential is currently representing $958,754,849 in sales exclusives which is made up of 297 listings with an average price of $3,228,130; as well as 333 of the city’s top luxury rental exclusives boasting an average price of $11,879/month.

“From the moment TOWN Residential opened, we pledged total transparency in not only our internal but external reporting as well - it is beneficial to our Representatives and clients alike. I am proud to continue to lead the industry by opening our books and sharing real numbers with the hopes that other top firms will follow suit,” said Andrew Heiberger, founder and CEO of TOWN Residential. “As we finish out the first half of the year and approach our fifth anniversary, TOWN Residential has never been stronger. With enthusiasm for the remainder of the year, I would like to thank my team of more than 640 of the top professionals in the industry for their hard work and dedication.”

TOWN has cemented its position as a prominent player within both the sales and leasing new development arena as well.

“TOWN New Development is attracting overwhelming interest from respected developers. By all indications, TOWN New Development is now considered by many to be a most unique and viable high end marketing option,” said Andrew. “We are currently working on approximately $3 billion dollars of existing and upcoming projects.”

Among the current highly successful high end condo projects are The Charles, a record breaking project located on the Upper East Side; 66 East 11 Street in East Village; and 15 Leonard in Tribeca.
Highly anticipated upcoming projects include an iconic design at 303 East 44th Street in Midtown East; high profile condo project on corner of Central Park West and 110th Street; and 212 Fifth Avenue, overlooking Madison Square Park, a conversion of a prewar masterpiece that will undoubtedly become Downtown’s most coveted address.

Simultaneously, TOWN Marketing and Leasing is experiencing tremendous growth. With a portfolio of properties in excess of 2,500 units across New York City, the division ranks among Manhattan's largest firms. The team is advising on and executing the development and leasing programs of many ground breaking properties, including 172 Montague Street, TWENTY EXCHANGE - 20 Exchange Place, ICON - 306 West 48th Street, The Crest - 63 Wall Street, 67 Wall Street, 640 Broadway and the Allen House - 201 East 71st Street.

The firm concluded 2014 with more than $1.86 billion in total sales and leasing volume – a 15.6% boost over 2013. In New York City alone, TOWN Residential completed 1,148 sales transaction sides and 3,775 leasing transaction sides. Among the completed 2014 transactions were several market records including the listing and leasing of New York’s most expensive rental property; the highest pure price point for a penthouse condominium east of Third Avenue; and the record for the pure price point of a townhouse in prime Brooklyn neighborhood.

The significant sales and leasing growth has been matched by innovative initiatives and transformative relationships.

  • In an unprecedented collaboration, TOWN Residential and South Florida’s pre-eminent Fortune International Group joined forces in February 2015 to create the largest and most powerful New York/Miami alliance. Through a shared marketing, communications and social media platform plus integration of databases and websites, the firms engage in genuine, real time connectivity creating unequalled access to local knowledge and expertise while elevating the benefits to the constituency of sellers, purchasers, developers, and agents of each firm. A testament to the success of the relationship, the firm reported $100 million in business in process within the first three months.
  • In March 2015, TOWN Residential announced another first of its kind partnership with the industry leading data provider UrbanDigs to provide the firm’s Representatives with the most comprehensive real time market information available.
  • Also in March, the firm launched the My Town branding campaign which included a series of highly stylized portraits shot by creative guru David Lipman. Set to the tagline “My Town. Our Neighborhood. Your Home.” the campaign features TOWN Representatives within the neighborhoods where they live, play and work. To date, the print campaign has been placed in more than 20 far-reaching venues. Accompanying the print campaign, the firm launched the newly envisioned website, http://www.townresidential.com, which incorporated the new TOWN Residential logo, refinement of the company’s type-face, color palette and visual identity.
  • Most recently, the firm introduced the next phase of the acclaimed campaign – 57 cinematically stunning videos featuring candid interviews with the firm’s leadership and Representatives. The individual videos and the My Town brand video – which share insights on the role of the agent, emotions experienced when working with a client, and favorite New York moments - are set against the iconic New York City skyline and to custom-created music.
  • Through TOWN Experience, a dynamic first of its kind initiative that brings the brand into real time, the firm has sponsored and participated in cutting edge events including: The Armory Show, Frieze New York and the Collective Design fair; all-star founders dinner with former President Bill Clinton; top industry insider events; sponsorship of Hudson Union Society; Taste of Two Forks; Grill Hampton; the wildly successful star-studded Throne Boxing; among many others.

TOWN Residential reinforced the firm’s commitment of providing best-in-class leadership with appointment of several executives in the first half of 2015:

  • Dorothy Sexton, Managing Director, TOWN Fifth Avenue: With an intimate understanding of the luxury market, Dorothy works closely with Juliet Clapp, Managing Director of TOWN Fifth Avenue and TOWN Upper East Side; Brennan Zahler, Leasing Manager TOWN Fifth Avenue; Jason Riggs, Assistant Sales and Leasing Coordinator TOWN Fifth Avenue and Brett Solomon, Leasing Manager TOWN Upper East Side to support the luxury sales and leasing activities of TOWN Residential’s East Side offices and Representatives.
  • Karen Gastiaburo, Sales Director, TOWN Financial District: Working alongside Leasing Director Hal Gavzie, Karen leverages 34 years of experience to help mentor new Representatives, guide industry veterans, and collaborate closely with TOWN's rapidly growing sales team.
  • Luis Guevara, Director of Technology: An industry veteran with a keen understanding of the real estate industry and transactional process, Luis has held high profile positions and served as a lead member of The Real Estate Board of New York’s committee which oversaw the vendor selection, firm integration and launch of the RLS system.
  • Michelle Schneider, Controller: With more than a decade of experience, Michelle combines broad experience in the luxury hospitality industry with financial expertise and a passion for New York real estate.
  • Elanna Jochimek, Vice President of Operations, Town Marketing and Leasing: Throughout her more than 20 year career, Elanna has managed and developed on site leasing teams, strategically defined competitive pricing and implemented sales and marketing plans which effectively maximized rental income and resulted in high occupancy.
  • Jamie Reimer, Vice President of Development and Design, Town Marketing and Leasing: A hands on professional, Jamie focuses on the pre-development consulting work of ground-up and conversion new development rental projects while utilizing her degree in architecture from Lehigh University and masters in real estate development from NYU to advise on designing floor plans, and assist TOWN Marketing and Leasing’s clients in making smart interior design choices and the programming of amenities.

TOWN Residential continues to attract top talent with numerous notable Representatives joining the firm in the first half of 2015, including:

  • Philip Henn, a 10 year industry veteran most recently with Corcoran, joined TOWN Financial District
  • Nawal Aoufeh, a 13 year industry veteran most recently with Douglas Elliman, joined TOWN Fifth Avenue
  • Michael Ettelson, a 12 year industry veteran most recently with Douglas Elliman, joined TOWN Financial District
  • Mordechai Werde, a 10 year industry veteran most recently with Douglas Elliman, joined TOWN Financial District
  • Sandu Calinescu, a 12 year industry veteran most recently with Compass, joined TOWN Flatiron
  • Olivia Illouz, a 10 year industry veteran most recently with Citi Habitats, joined TOWN Fifth Avenue
  • Tamir Shadin, a 20 year industry veteran most recently with Douglas Elliman, joined TOWN Greenwich Village
  • Rado Varchola, an 18 year industry veteran most recently with Nest Seekers, joined TOWN Greenwich Village
  • Marc Alloul, a 20 year industry veteran most recently with Douglas Elliman, joined TOWN Flatiron
  • Justin Rice, a 12 year industry veteran most recently with Corcoran, joined TOWN Gramercy Park
  • Angie Yan, a 9 year industry veteran most recently with Corcoran, joined TOWN Gramercy Park
  • Brian Howell, a 12 year industry veteran most recently with Citi Habitats, joined TOWN 79th Street
  • Julie Weintraub, a 19 year industry veteran most recently with Douglas Elliman, joined TOWN 79th Street
  • David Borkowsky, an 8 year industry veteran most recently with Douglas Elliman, joined TOWN 79th Street
  • Lori Shabtai, a 10 year industry veteran most recently with LHWS and Winick Realty Group, joined TOWN Commercial
  • Michael Wojciechowski, a 25 year industry veteran most recently with Coldwell Banker, joined TOWN Commercial
  • Leigh Sioris, a 30 year industry veteran most recently with Sothebys, joined TOWN Fifth Avenue
  • John Zakowski, a 9 year industry veteran most recently with Essential NY, joined TOWN Fifth Avenue
  • Nicholas Polihros, a 9 year industry veteran most recently with Dolly Lenz Real Estate, joined TOWN Flatiron
  • Sara Kim, a 20 year industry veteran most recently with Charles Rutenberg LLC., joined TOWN Flatiron
  • Kenneth Wong, a 7 year industry veteran most recently with Compass, joined TOWN Flatiron
  • Jennifer Chapman, an 11 year industry veteran most recently with Citi Habitats, joined TOWN Greenwich Village
  • Sean Futterman, an 11 year industry veteran most recently with Unique Homes NYC, LLC, joined TOWN West Village

About TOWN Residential: TOWN Residential is New York’s leading luxury real estate services firm. Founded in 2010, TOWN Residential was created by CEO and co-chairman Andrew Heiberger and is co-chaired by Joseph Sitt. An integral part of the New York real estate landscape, TOWN has a team that exceeds 650 licensed professionals and staff in the corporate headquarters at 25 West 39th Street and nine neighborhood offices: TOWN Greenwich Village, at 530 LaGuardia Place; TOWN SoHo, an 1886 landmarked corner storefront at 337 West Broadway; TOWN 79th Street, a corner storefront at 239 East 79th Street on the Upper East Side; TOWN West Village, a trophy office at 446 West 14th Street; TOWN Astor Place, a block-storefront space overlooking historic Astor Place in the Gwathmey Siegel-designed Sculpture for Living at 26 Astor Place; TOWN Fifth Avenue, located in the prestigious Crown Building at 730 Fifth Avenue at 57th Street; TOWN Flatiron, located at 110 Fifth Avenue and 16th Street; TOWN Greenwich Street, nestled in the heart of the Financial District at 88 Greenwich Street; and TOWN Gramercy Park at historic 33 Irving Place. For more information about these offices and TOWN Residential, visit http://www.townresidential.com.

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