Elliman Navigates Agent Exits, Merger Talks

Douglas Elliman has spent the past year in the spotlight — and not always for the reasons it would prefer. A swirl of executive exits, agent departures and strained financials have dogged the luxury brokerage.

But the brokerage has shifted the narrative. The firm turned around some of its money troubles in the first quarter and was reported to have fielded a potential sale.

Under new CEO Michael Liebowitz, Elliman is narrowing losses and growing revenue. First-quarter losses dropped to $6 million, down from $42 million a year ago. Revenue climbed 25 percent year-over-year to $253 million. And its stock — which dipped near $1 last summer — more than doubled in value before spiking another 40 percent on news of a potential acquisition.

Anywhere Real Estate, the residential giant that owns major brands including Corcoran, Sotheby’s and Coldwell Banker, reportedly offered $4 per share, sparking interest from other potential buyers. Analysts say Elliman’s low debt, high brand recognition and recent rebound make it a juicy target in a consolidating market.

But the potential deal wouldn’t come without its complications. Industry observers have called it an “awkward fit,” given Elliman’s elite-market identity and Anywhere’s franchise-first playbook. And Elliman doesn’t bring much in the way of title, mortgage or ancillary business, the kind of vertical integration bidders increasingly want.

Still, there’s plenty to like. The company holds $130 million in cash, just one $50 million note, and has cut $20 million in expenses — including its jet lease deal — since Liebowitz took over. The firm also launched “Elliman International” and is exploring expansion abroad after ending a 15-year partnership with Knight Frank.

What Elliman can’t seem to shake, though, is the agent departures.

The exits keep piling up. Holly Parker, one of Elliman’s most recognizable Manhattan agents, left after 24 years with the firm. “Million Dollar Listing” star Tracy Tutor left Elliman for Compass back in January. Ernie Carswell jumped to Sotheby’s International Realty’s Beverly Hills office, bringing his 15-person team with him. Palm Beach heavyweight Gary Pohrer exited for Serhant. The brokerage lost a longtime Aspen team with nearly $200 million in volume, also to Compass. And Stephen Kotler, the brokerage’s former western region CEO, ended a multi-decade tenure at Elliman. Compass alone has picked up 134 former Elliman agents since 2024, representing $3.3 billion in sales volume.

It’s part of a broader housecleaning. Elliman’s leadership ranks were shaken last fall, beginning with the retirement of longtime chairman Howard Lorber, followed by the exits of CEO Scott Durkin and COO Richard Lampen. A board concerned about workplace culture and legal fallout — especially from the sex trafficking scandal tied to the Alexander brothers — has been trying to reset the tone from the top down.

There was plenty of other news this week, and our latest magazine issue dives into some heavy-hitting real estate family dynasties. Plus, Brookfield closes in on a $400 million deal for a Manhattan office building, Bill Pulte continues his push to privatize Fannie and Freddie and Starwood sets its sights on Alan Stalcup.

What’s the Rudin fourth generation doing one year into succession?

A year into the leadership transition at Rudin, fourth-generation siblings Samantha and Michael Rudin are blending tradition with transformation as they take the reins of the family-run New York real estate empire. Since taking over operations from Bill and Eric Rudin, the new co-CEOs have balanced their civic and political relationships while repositioning the company’s $5 billion portfolio.

Bill Pulte holds the American mortgage market in his hands

Bill Pulte, the director of the Federal Housing Finance Agency and grandson of homebuilding legend William J. Pulte, has been shaking up Fannie Mae and Freddie Mac. Since taking the helm, Pulte has purged top executives and employees amid allegations of fraud and inefficiency, positioning himself as a reformer eager to “make Fannie and Freddie great again.”

Starwood goes after syndicator Alan Stalcup for $110M in personal guarantees

Fresh off a $27 million win against the heads of Tides Equities, Barry Sternlicht’s Starwood is going after the only other Sun Belt syndicator to execute a similarly stunning rise and fall: Alan Stalcup. Starwood slapped Stalcup, head of multifamily firm GVA, with a trio of suits alleging the investor breached a bunch of recourse guarantees on loans tied to three properties. Stalcup could be on the hook for over $110 million, the filings claim.

Robins family dynasty fractured by dispute over patriarch’s assets

The Robins name resonates through Miami Beach like an emergency siren when a hurricane makes landfall — clear, insistent, impossible to ignore. For decades, Gerald “Jerry” Robins, the patriarch, helped shape the city’s skyline; his business acumen matched only by the devotion he showed to his family. But when Jerry passed away on Oct. 2, 2022, after a 20-year battle with cancer, he left behind not just a real estate legacy, but also a family feud that has grown bitter and public.

Brookfield nears $400M deal for Midtown South office building

Brookfield is nearing a deal for a stake in a Midtown South office building at a valuation around $400 million — the latest example of big-ticket office deals making a return to New York. The Canadian private equity giant has reached an agreement to buy a 49 percent stake in 63 Madison Avenue from a joint venture of George Comfort and Sons, Jamestown and Loeb Partners Realty.

Sackler heir buys $11M Brooklyn Heights townhouse

An under-the-radar heir to one of America’s wealthiest — and most controversial — families has picked up a property in Brooklyn Heights. The previously anonymous buyer of the $11 million townhouse is Julia Shack Sackler. Julia is in the third generation of the Sackler family, which built a billion-dollar pharmaceutical business best known for its 1996 debut of OxyContin.

CA Ventures fends off spurned investor’s lawsuit

A judge dismissed a lawsuit brought by investor Samuel Long alleging that CA Ventures CEO Tom Scott and his longtime associate Jeffrey Krol mismanaged a $400 million plan for a site near the potential Chicago Bears stadium. The dismissal could play a role in other cases brought against the firm by investors who said they’ve been harmed by bad decisions by the firm’s leadership.

$500M in Texas CRE loans are headed to auction this week

More than $500 million in Texas commercial real estate loans are headed to foreclosure auctions this week, signaling just how far the market has strayed from the “survive until ’25” mantra. Most of the distressed debt comes from multifamily deals struck during the 2021–2023 boom, when investors bet big on value-add apartments — only to be blindsided by rising interest rates and plummeting valuations.