Elliman Closed Bumpy 2024 With Narrowed Losses

Douglas Elliman tallied another year of losses as it faced leadership shakeups, lawsuits and scrutiny.

The firm reported a net loss of $76 million in 2024, up from the $43 million it lost in the previous year. Its operating loss was $69 million, compared to $65 million in 2023.

News of Elliman’s financials comes after a rocky few months for the firm, which added a new CEO for the first time in two decades. Michael Liebowitz took over the helm of the company in October, following the sudden retirement of longtime CEO and chairman Howard Lorber.

With his new role, Liebowitz vowed to focus on improving the company’s performance by diversifying its revenue stream through acquiring ancillary businesses and expanding internationally. He described himself in an interview with Business Insider as “very much an operator” compared to Lorber, who “was not an operational person at all.”

Though Elliman fell further into the red, the company managed to up its revenue to nearly $1 billion in 2024, up from the $960 million it reported the year prior.

“We are building momentum,” Liebowitz said on the call. “Our agents and employees are energized as we lead Douglas Elliman into a new era.”

Elliman continued to slash spending last year, continuing a cost-cutting campaign it ramped up in 2023 after rising mortgage rates and low inventory stalled the housing market. The firm reduced its expenses by roughly $20 million in 2024.

“The management team remains focused on Douglas Elliman’s transformation,” chief financial officer Bryant Kirkland said on the call.

He added that the company’s “core operations” were starting to reap the benefits of cost cutting, as well as investments in its development marketing business. Kirkland said the firm’s new development pipeline is worth $28 billion, with about $18 billion in Florida alone. He expects about $5 billion in new development to come to market by March 2026.

Elliman has been on a quarterly losing streak for the past two years, but the firm narrowed the gap in the fourth quarter. It reported a net loss of $6 million, compared to $15 million in the same period in 2023.

The company reported an operating loss of $16 million, less than the $24 million it lost a year ago.

The firm also reported $243 million in revenue in the fourth quarter, up from $214 million in 2023. Elliman finished the year with $145 million in cash and investment securities.

A turbulent 2025

The end of the year was a turbulent one for the residential giant. The company upended its leadership at the end of last year, and Liebowitz, a board member, took the reins.

The shakeup began when Lorber abruptly resigned from his post in October under pressure from the board.

His departure followed an internal investigation into the company’s culture, after sexual assault allegations surfaced against two of its former top brokers, Tal and Oren Alexander. During the investigation, Lorber admitted to having intimate relationships with two of the firm’s agents, Bloomberg reported.

Both Lorber and Elliman were named as defendants in one of the latest lawsuits filed against the Alexanders and their brother Alon, who were arrested on federal sex trafficking charges in December. The complaint accuses the firm and its former executive of knowing about the brothers’ alleged behavior and enabling it during their time as agents.

Days after Lorber’s exit, Elliman terminated Scott Durkin, the CEO of its brokerage segment. The firm tapped Richard Ferrari, the head of its Northeast and New York regions, to take his place. Elliman’s chief operating officer Richard Lampen also retired in December.

The upheaval continued into the start of 2025, when the CEO of firm’s Western region, Stephen Kotler, resigned amid multiple lawsuits over alleged kickback schemes involving reality TV stars and one of the company’s escrow businesses. The lawsuits have since been settled, and Kotler is still working with the firm as an agent.

Along with Kotler’s departure, the firm also closed two of its offices in California, including one in Malibu and the other in Pasadena. In December, Elliman also took over the lease for an office in Miami’s Design District that once belonged to its former parent company, Vector Group.

Despite the chaos, Liebowitz ended the call on an optimistic note, touting his faith in the company and improvements on the horizon.

“When we last spoke in November, I told you I took on the CEO role because I believed in the Douglas Elliman brand,” Liebowitz said. “Our best days are ahead for this company.”