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Negotiations Ongoing to Buy Developer Joe Sitt’s Huge Town Residential Stake

Sitt purchased a 50-percent stake in the company in 2011

As a 50-percent stakeholder of real estate agency Town Residential, developer Joe Sitt of Thor Equities has been accused of “starving” the firm of money and and messing with its financial reputation. Now, in an internal email gleaned by TRD, it comes to light that Town’s founder and CEO Andrew Heiberger plans to buy Sitt out of his stake in the company.

“It is no secret that Joe Sitt and myself are in late-stage negotiations whereby I will be buying Thor Equities’ stake in Town,” Heiberger writes, “So far our discussions have been amicable and both sides are in full agreement that this is in the best interests of Town. I am elated and extremely optimistic about the opportunities that lie ahead for us all and cannot wait to share the news when the closing occurs.”

The agency has been plagued by infighting between Sitt and several company chiefs in years past. Former president of sales Wendy Maitland sued Sitt in May over claims that his withholding of funds hindered company operations and destroyed its reputation. In 2014, Sitt refused to renew Heiberger’s CEO status saying that he had failed to meet expectations they agreed on when Sitt first invested in the company in 2011. The matter was settled out of court.