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Long-time Douglas Elliman chairman and CEO Howard Lorber is retiring. The New York-based brokerage announced Lorber’s retirement on Tuesday. Lorber has served as Douglas Elliman board chairman since 2003.
In a press release, the brokerage said that it “extends its deepest appreciation to Mr. Lorber for his strategic vision and years of dedication and hard work that have made Douglas Elliman the country’s premier real estate brokerage firm, setting new standards in luxury service and innovation.”
Taking the helm from Lorber is Michael Liebowitz, the firm’s board director, who will now serve as chairman and CEO. Liebowitz previously founded and led businesses in the insurance and finance sectors. He is currently the chairman and CEO of Nocopi Technologies Inc., a U.S.-based producer of printing ink.
“With a strong balance sheet, robust pipeline of projects in our Development Marketing business, and the competitive advantages provided by our dedicated team of world-class agents, I am confident that Douglas Elliman’s brightest days are ahead,” Liebowitz said in a statement. “We look forward to continue executing on our strategic vision, building on the Company’s industry-leading position and maximizing shareholder value.”
While some at Douglas Elliman may be sad to see Lorber go, his time at the brokerage was not without scandal.
In recent months, Lorber has taken heat from some of the brokerage’s investors, who felt that he was mismanaging the company’s finances due to its continued losses in quarterly earnings. Its value has dropped from roughly $900 million to $130 million since 2021, according to The New York Times.
Additionally, shareholders also called for him to reduce his compensation after it recently came to light that long-time — and now former — Douglas Elliman agents Oren and Tal Alexander have been accused of sexual assault by multiple women.
Douglas Elliman agent Jessica Cohen claims that she told Lorber about being assaulted by the Alexander brothers in 2012, but the brokerage maintains that no formal complaint was lodged against them during their decade-long stint at the firm.
The Alexanders’ firm, Official Partners, is now brokered with Side and is currently facing a lawsuit from Side dealing with an alleged breach of their contract.
