NEW YORK CITY-Details are still sketchy, but RealtyIQ, the Manhattan-based information service provider, has laid off more than 100 people nationally, more than 60% of its workforce. According to a company insider, the cash-strapped company is scrambling to dig up more investors and as it does so, has made the drastic move in order to “make it leaner and stronger.

“They are not closing their doors,” the spokesperson said. “And they are not going to change their business model,” a reference to CapitalThinking, the on-line lender that revamped itself a few weeks ago. There is going to be reorganization and a redeployment of assets. “But RealtyIQ will remain a research-driven information service provider. It is fair to say, however, that the company will have to reprioritize the markets and focus on doing an even better job in some of the markets they are in right now,” the executive concluded.It wasn’t all that long ago that RealtyIQ made news on its mercurial rise in the industry, when it purchased Cushman & Wakefield’s SiteSolutions database earlier this year. That purchase set off a firestorm of controversy about broker disintermediation.

Company president Bruce Weissberg was not available for comment. will follow this story as developments come to light.

For related news, click on:UPDATE: RealtyIQ Closes Field Offices in Scramble for Cost Savings

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