The past year was one of upheaval for some familiar names in New York City.
Two former star residential brokers are due in Manhattan federal court on sex trafficking charges. A prominent executive abruptly retired after decades at the helm of one of the city’s top residential brokerages. And the industry was confronted by the possibility that it could lose one of its biggest allies at City Hall.
Here are some of 2024’s most consequential New York real estate stories:
1) FBI arrests Alexander brothers
In December, federal authorities arrested Oren Alexander, his twin brother Alon, and their older brother Tal on sex trafficking charges. The brothers, who rose to prominence over a decade at Douglas Elliman with ultra-luxury deals like a 2019 Central Park penthouse sale that set a U.S. record, are accused of raping and sexually assaulting more than a dozen women over a decade.
The indictment alleges that the brothers “used their wealth and positions to create and facilitate opportunities to rape and sexually assault women.”
The Real Deal in June first reported two lawsuit accusing Oren and Alon of rape and sexual assault in New York. More allegations followed in court and disturbing reports, accusing one or more of the brothers of attacks.
After their arrests and detention in Miami, the brothers are due back in New York to answer the federal charges in Manhattan federal court.
2) Howard Lorber out at Elliman
A brokerage giant that built its legacy in New York had its most dramatic year yet. After leading the firm for more than 20 years, Howard Lorber abruptly left Douglas Elliman in October.
The company initially claimed Lorber’s exit was a retirement on his own accord, but the Wall Street Journal reported later the board of directors had urged Lorber to retire, citing concerns about workplace culture. The board had formed a special committee to investigate the workplace culture, inspired at least in part by the allegations against the Alexanders.
Michael Liebowitz, a South Florida-based executive who took over the top role in Lorber’s wake, has been vocal about his plans for the firm’s new era.
In a statement upon his arrival, Liebowitz said Elliman was headed for “growth and diversification,” pointing to what he described as “a strong balance sheet” and “robust pipeline” of new development projects.
3) Brandon Miller’s death
Brandon Miller, principal of Real Estate Equities Corporation, died by suicide in July. TRD detailed the troubled real estate deals and mounting debt Miller left behind.
The news underscored the crushing stress that can sometimes accompany the high-stakes nature of the industry, and how executives deal with disaster.
4) Lawmakers reach sweeping housing deal
The past year was a big one for housing policy in New York, with the city’s passage of the City of Yes for Housing Opportunity and a measure that upends how rental broker fees work.
In April, state lawmakers reached a budget deal to replace the property tax break 421a and implement a version of good cause eviction. The budget also included a tax break for office-to-residential conversions and changes to lift the city’s cap on residential density.
5) Real estate’s mayor indicted
Mayor Eric Adams, an ally of the real estate industry, was charged in September with seeking and receiving straw donations and luxury travel from Turkish officials and businesspeople, and, in exchange, helping speed along his benefactors’ construction projects.
In December, his top aide Ingrid Lewis-Martin was indicted on charges that she accepted $100,000 in bribes from hoteliers while intervening on their behalf at the Department of Buildings.
The mayor now faces a crowded primary — and persisting questions about real estate deals handled by his administration.
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