When developer Henry Macklowe filed last May to go public, his registration statement promised he would sell stock as soon as “practicable.” But that day never came.

His plans were delayed over the summer when investors became disenchanted with the faltering real estate investment trust sector. The market’s serious tumble has slammed the door shut on all REIT offerings for the foreseeable future.

Now Mr. Macklowe and others like him face a crunch. Some appear to be under increasing pressure to refinance their debt. All will find it harder to raise capital. And their problems could take some of the steam out of the overheated Manhattan commercial property market.