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

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.

A handful of investors dug to the bottom of the discount bin and snapped up General Growth's convertible bonds at three cents on the dollar. They now trade at 103 cents.