The risks of speculative office building are obvious at the 11 Times Square skyscraper. More than a year after it opened, the 1.1 million square-foot building is about 60% empty and unleased.
A long-awaited audit of the Port Authority of New York and New Jersey pegged the total cost of rebuilding the World Trade Center site at $14.8 billion, an increase of billions of dollars over the last estimate.
A proposal from Trump Hotel Collection and private-equity investor Colony Capital was selected by the General Services Administration to redevelop Washington's Old Post Office Building into a luxury hotel.
The government has given buyers using the credit another three months to close sales, and the initiative is being imitated on a smaller scale by states and private companies. But some think the market would be better off if we laid it to rest for good.