Ryan Serhant is Leaving Million Dollar Listing New York as Show Pauses Production

NBCUniversal

Million Dollar Listing: New York is no more.

The Emmy-nominated Bravo breakout hit, which launched the television careers of realtors Fredrik Eklund and Ryan Serhant, has been placed on pause by the network, sources confirm to PEOPLE, with both stars ready to move on from the series.

"Ryan made a decision when he started his own company that the ninth season would be his last season and he's now focused on that company and being a CEO," a source close to production said. "He decided his path with the show awhile ago."

Another source close to the cast also shared that some of the show's talent are busy working on solo projects.

"The network did want to bring the show back and they're regrouping for now. The big names of the show became too busy and it's hard for the show to carry on without them. Some of the brokers don't want to focus on the show anymore but rather focus on their own personal business," the source said.

The source added that "Ryan and Frederik are busy opening more offices while also doing more personal appearances and brand deals which pay a lot of money."

Logistics like scheduling also were a factor. "The brokers can't film Tuesday through Saturday for four months anymore like they used to due to their own businesses being successful and as busy as they are," the source said.

RELATED: Fredrik Eklund Is Leaving the Million Dollar Listing Franchise: 'It's Time for the Next Chapter'

Eklund, 45, announced in January that he would be leaving the show after its ninth season, which premiered in May 2021.

The star, who has also appeared on Million Dollar Listing: LA, broke the news that he would be leaving both series in an Instagram post.

"After an amazing 11 years, I've decided it's time for the next chapter in my life, and to leave Million Dollar Listing. It's an end of an era and a new start for me," he began the lengthy post, which delves into his decision.

A representative for Bravo confirmed to PEOPLE at the time that Eklund would not be returning to the series.

"I let Andy [Cohen], the Producers and the Executives know last week how grateful I am. Eternally grateful, I mean what an incredible run we had together," he continued, before going on to share some of the most special moments he experienced over more than a decade of filming the series, and thanking viewers for being there with him along the way.

RELATED: Josh Altman Admits He 'Cut' Fredrik Eklund Out of His Life After Finale of MDLLA

Serhant, 38, has been focusing on expanding his brand outside of New York.

The New York Post reported last month that his firm scored its first (multi) million-dollar listing: 355 Ocean Boulevard, the largest single-family oceanfront property in Miami.

It is on the market for $100 million, the outlet reported.

​​"We have bold expansion plans for SERHANT across South Florida and are excited to be making our grand entrance into the market with one of Miami's most-coveted trophy properties," Serhant, founder and CEO of SERHANT, told the newspaper.

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Serhant is also splitting his time this summer in Greece, with wife Emilia Bechrakis Serhant, who has family there, and their daughter Zena.

He celebrated his 38th birthday at the Four Seasons Astir Palace Hotel Athens July 2 with a shirtless Instagram shot featuring the CEO toting a large, gold balloon.

"This is 38. Feeling great, full of love, rich with life, and excited for the best year yet," he captioned the shot.

Million Dollar Listing: New York, a spinoff from Million Dollar Listing: LA, debuted in 2012 and was nominated in 2014 and 2015 for an Emmy for outstanding unstructured reality program.