Richard Ferrari Steps Down From NYC CEO Role at Elliman

The head of Douglas Elliman’s New York City brokerage is stepping down, The Real Deal has learned. 

Richard Ferrari, who served as CEO of Elliman’s New York City and Northeast operations since 2021, is retiring from his position to take on a role as a senior executive adviser in the region, according to an e-mail sent from CEO Michael Liebowitz to Elliman employees and agents. He will also serve as an associate broker. 

In 2024, Ferrari was promoted to lead the firm’s brokerage division alongside Liebowitz after it terminated former brokerage president Scott Durkin in October. In April, Elliman brought on Lena Johnson, the former chief marketing officer of Miami-based One Sotheby’s International Realty, to serve as its president of national brokerage, putting Ferrari back in charge of his local brokerage. 

Prior to joining Elliman in an executive role, Ferrari did a six-year stint at Brown Harris Stevens as a sales director and adviser. Before that, Ferrari spent 15 years as an agent at Elliman. 

“As we continue to evolve our business and identify talent for the next iteration of leadership, we are grateful for Rich’s continued service to Douglas Elliman as Senior Executive Advisor,” an Elliman spokesperson said.

Ferrari’s step back from the firm is the latest turnover in what has turned into a seemingly never-ending game of musical chairs among Elliman executives.

In June, former Chief Strategy Officer Wendy Purvey, who had been hired less than a year prior, left the firm, according to LinkedIn. Long-time head of residential leasing Hal Gavzie also parted ways with the firm in January, just one month after Elliman replaced its former Chief Marketing Officer Stephanie Garbarini with Natalie Passerini, a former vice president of marketing at Sotheby’s International Realty. 

Elliman has yet to announce a replacement for Ferrari. 

The personnel changes don’t seem likely to end going forward either. Last month, Liebowitz unveiled a new data company — it’s not clear what the company, called Elius, will do — that he said will lead to a “significant amount” of headcount reduction as part of the company’s new focus on artificial intelligence. 

“We are building a company that is smarter, faster and more efficient,” Liebowitz said on the company’s second-quarter earnings call last week. 

The company reported a net loss of $3 million in the second quarter, an improvement from the $16 million loss it disclosed the same time last year.