Town Residential ceases resale and leasing ops, shedding 400 agents

Company founder and CEO Andrew Heiberger says it is 'simply impossible' to profit from those lines of business given the current marketplace

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Manhattan brokerage Town Residential is eliminating its sales and leasing operations to concentrate on international and new development, a spokesperson for the firm confirmed on Friday. The move will force more than 400 agents to find a new home.