Michael Fascitelli is being promoted to CEO of Vornado Realty Trust during one of the toughest commercial-real-estate markets since World War II.

Traditional shopping malls are dwindling in number, with many struggling properties reduced to largely vacant shells.

The S&P's warning that billions in top-rated bonds backed by commercial mortgages may face downgrades doused enthusiasm in the commercial-property market.

Glimcher Realty Trust, which owns 23 U.S. malls and carries $1.6 billion in debt, is selling its stakes in some of the best properties in its portfolio.

Money is flooding into Hong Kong, propelling property and stock prices even as the economy falters.

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MGM Mirage signed deals to brand and manage Bellagio and MGM Grand hotels in Asia and the Mideast.

Related is struggling to find financing for the $570 million second phase of its CityNorth project in Phoenix after Nordstrom tabled plans for a store there.

Commercial real-estate loans could generate losses of $100 billion by the end of next year at over 900 small and midsize U.S. banks if economic woes deepen, according to a Wall Street Journal analysis.

Developer Larry Silverstein appears to have the upper hand in yet another round of negotiations with officials on the redevelopment of the World Trade Center site.