Cliff Finn, Douglas Elliman’s executive vice president of development marketing, has been laid off from his full-time position amid a consolidation and restructuring of the company’s rental division.
Finn joined the firm in 2012 from Citi Habitats, where he headed up the brokerage’s new development. At Elliman, he was in charge of leasing new development rentals, which included Forest City Ratner’s [TRDataCustom] New York by Gehry at 8 Spruce Street. But Elliman’s new development rental portfolio has shrunk in recent months. As of Monday, its projects included 160 Madison Avenue, 535 West 43rd Street and 393 West End Avenue.
“As a result of this restructuring, Cliff Finn will no longer oversee the day to day operations, but he will continue to participate as a consultant regarding several of our developments that are currently under design and development,” an Elliman spokesperson said.
Finn could not be reached for comment.
Ellliman’s new development rental division will be relocating from the company’s West 42nd Street office to the brokerage’s newly renovated headquartes at 575 Madison Avenue. The division will now work closely the brokerage’s rental division team, which is headed by Hal Gavzie.
In March, the company shook up that division, moving former director of rentals Luciane Serifovic to a sales management position and replacing her with Gavzie.
Finn’s exit comes as the luxury rental market continues to dip amid a dramatic uptick in inventory.
In both Manhattan and Brooklyn, rental inventory ballooned by more than 30 percent in September, and in Queens it grew about 17 percent.