The Helmsley Carlton House is being sold to a partnership between private-equity firm Angelo, Gordon & Co. and Extell Development for about $170 million.

Negotiations continued between developer Larry Silverstein and the Port Authority who are trying to resolve an impasse over the redevelopment of the World Trade Center site before a critical deadline Friday.

Kennedy Funding, a New Jersey lender to cash-strapped real-estate developers, has plenty of experience going after debtors who fall behind on their payments. But now it's Kennedy's turn to get squeezed.

With European property markets beginning to recover from the market downturn and global recession, there are signs that the REIT revolution could be at hand.