Ryan Serhant was fired from a lucrative listing and lost out on a potential commission of $8 million on Thursday's episode of Million Dollar Listing New York.

The 37-year-old real estate broker met with developer Avi Fisher at the One Boerum Place property in Brooklyn and was disappointed to learn that the developers had decided to make it a rental property instead of condominiums.

Tough market conditions in New York City prompted the decision to make the 138 units rentals and Ryan admitted to Avi that he probably would have done the same thing.

'So you want me to do the rentals?,' asked Ryan, who had recently launched his own brokerage firm Serhant.

'Well, look, Serhant just launched. ...You're not, respectfully, quite ready to take on a rental building of this size,' said Avi, a founding partner of Avery Hall.

'I've done rental buildings. Not 140 units,' Ryan protested.

Ryan admitted in a confessional that his firm did not have a 'whole rental administrative platform' set up yet, but insisted that he could get it rented better than anyone else.

'Ryan, you're not running the leasing. I'm sorry,' Avi told him.