Jun 8, 2025, 9:00 AM

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• Mike Romano

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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.