Sunday, November 24, 2013

Developer Ellman regroups after lost decade

Developer Steve Ellman took a financial thrashing in the past decade.

He lost ownership of the Phoenix Coyotes in 2006 and turned over management of Arena in Glendale. A lender took over Westgate City Center in a 2011 foreclosure.

Ellman, 61, said he lost more than $1.5 billion worth of real estate in the aftermath of the recession and was forced to lay off about half of the 200 Ellman Cos. employees.

Others might have wilted under those losses. Ellman managed to hold on to some valuable real-estate holdings. And he turned his focus to a new-media venture, with supersize digital billboards in New York’s Times Square, Hollywood and Las Vegas.

Read more...Developer Ellman regroups after lost decade

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