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Spanish-American War II

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So many grim headlines today, but this one should give local developers feeling the pinch some schadenfreude: "Executives at Renta Corporación Real Estate SA thought its strategy of flipping buildings would work perfectly in Manhattan, a market overflowing with buyers and capital. Since setting up shop here about a year ago, the Barcelona-based firm has signed contracts agreeing to pay top dollar for six buildings it planned to renovate or reposition before selling. Renta's timing couldn't have been worse. The company's debut here coincided with the start of the credit crunch. Renta has closed just one deal and is trying to sell that building even though it hasn't been refurbished. It has forfeited deposits on three of the buildings because partners backed out and financing wasn't unavailable." Some buildings involved: Midtown's Mercantile Library, the Forbes Building at 60 Fifth Avenue (right) and 12-14 Warren Street, not going condo quite yet. [Crain's]