T
he past year was marked by significant upheaval in New York City's real estate industry. Two high-profile residential brokers, the Alexander brothers, were arrested on sex trafficking charges, while a prominent executive abruptly retired from Douglas Elliman after decades at the helm. The industry also faced the possibility of losing a key ally at City Hall.

    Here are some of 2024's most consequential New York real estate stories:

    1) FBI arrests Alexander brothers: In December, Oren, Alon, and Tal Alexander were arrested on sex trafficking charges for allegedly raping and sexually assaulting over a dozen women over a decade. The indictment alleges the brothers used their wealth and positions to facilitate these crimes.

    2) Howard Lorber out at Elliman: After leading Douglas Elliman for over 20 years, Howard Lorber abruptly retired in October. The company initially claimed it was a retirement on his own accord, but later reports suggested the board of directors had urged him to retire due to concerns about workplace culture.

    3) Brandon Miller's death: In July, Real Estate Equities Corporation principal Brandon Miller died by suicide, leaving behind troubled real estate deals and mounting debt. His death highlighted the crushing stress that can accompany high-stakes industry decisions.

    4) Lawmakers reach sweeping housing deal: State lawmakers reached a budget deal in April to replace the property tax break 421a and implement good cause eviction. The budget also included changes to lift the city's cap on residential density and provide a tax break for office-to-residential conversions.

    5) Real estate's mayor indicted: Mayor Eric Adams was charged with seeking and receiving straw donations and luxury travel from Turkish officials, in exchange for helping speed along their construction projects. His top aide, Ingrid Lewis-Martin, was also indicted on bribery charges related to her intervention on behalf of hoteliers at the Department of Buildings.