The pinnacle of Douglas Elliman’s New York Metropolis brokerage is stepping down, The Actual Deal has discovered.
Richard Ferrari, who served as CEO of Elliman’s New York Metropolis and Northeast operations since 2021, is retiring from his place to tackle a task as a senior govt adviser within the area, in keeping with an e-mail despatched from CEO Michael Liebowitz to Elliman staff and brokers. He can even function an affiliate dealer.
In 2024, Ferrari was promoted to guide the agency’s brokerage division alongside Liebowitz after it terminated former brokerage president Scott Durkin in October. In April, Elliman brought on Lena Johnson, the previous chief advertising officer of Miami-based One Sotheby’s Worldwide Realty, to function its president of nationwide brokerage, placing Ferrari again answerable for his native brokerage.
Previous to becoming a member of Elliman in an govt function, Ferrari did a six-year stint at Brown Harris Stevens as a gross sales director and adviser. Earlier than that, Ferrari spent 15 years as an agent at Elliman.
“As we proceed to evolve our enterprise and determine expertise for the subsequent iteration of management, we’re grateful for Wealthy’s continued service to Douglas Elliman as Senior Government Advisor,” an Elliman spokesperson stated.
Ferrari’s step again from the agency is the most recent turnover in what has became a seemingly endless sport of musical chairs amongst Elliman executives.
In June, former Chief Technique Officer Wendy Purvey, who had been employed lower than a 12 months prior, left the agency, in keeping with LinkedIn. Lengthy-time head of residential leasing Hal Gavzie additionally parted methods with the agency in January, only one month after Elliman replaced its former Chief Marketing Officer Stephanie Garbarini with Natalie Passerini, a former vp of promoting at Sotheby’s Worldwide Realty.
Elliman has but to announce a substitute for Ferrari.
The personnel modifications don’t appear prone to finish going ahead both. Final month, Liebowitz unveiled a brand new knowledge firm — it’s not clear what the corporate, referred to as Elius, will do — that he stated will result in a “important quantity” of headcount discount as a part of the corporate’s new concentrate on synthetic intelligence.
“We’re constructing an organization that’s smarter, sooner and extra environment friendly,” Liebowitz stated on the corporate’s second-quarter earnings call final week.
The corporate reported a internet lack of $3 million within the second quarter, an enchancment from the $16 million loss it disclosed the identical time final 12 months.
