Week in Review

1. Safety Concerns Halt School Visits to United NationsThe city of New York is suspending all public school visits to the United Nations due to safety concerns, The New York Sun reported. In a September 8 letter to top U.N. officials, the city’s liaison to the world body, Marjorie Tiven, expressed “profound disappointment” over the U.N.’s failure to make good on pledges to secure the building, and said the city has “no choice” but to suspend all school trips. The letter to the U.N. undersecretary-general for management, Angela Kane, is the latest in an escalating tug-of-war between city and U.N. officials over the safety of the U.N. compound, which has been cited for violating city building safety codes throughout its 60-year existence, including at least 866 fire and building safety code violations documented by the fire department in recent months. Ms. Tiven is Mayor Bloomberg’s sister.2. Lehman Details Efforts To Shore Up CapitalLehman Brothers Holdings Inc., reporting the biggest loss in its 158-year history, said it will sell a majority stake in its asset-management unit, spin off commercial real estate holdings, and cut its dividend in an effort to shore up capital and regain investor confidence, Bloomberg reported. Lehman had about $65 billion in mortgage-related assets at the end of the second quarter. Most of the portfolio, about $40 billion, was tied to commercial real estate. The firm said it plans to spin off $25 billion to $30 billion of commercial real estate investments into a separate publicly traded company, to be called Real Estate Investments Global, in the first quarter of 2009.3. Atlantic Yards Groundbreaking In DecemberThe developer Bruce Ratner has told state and city officials that he plans to break ground in December on his long-delayed $4 billion Atlantic Yards project in Brooklyn, which will include apartments and offices in 16 towers built around a basketball arena for the Nets, the New York Times reported. Mr. Ratner, chairman of Forest City Ratner; his bankers at Goldman Sachs, and the commissioner of the National Basketball Association, David Stern, also met last week with bond-rating agencies to discuss the proposed financing for the $950 million arena. The financing plan for the arena, to be known as Barclays Center, is dependent on winning court challenges and a favorable ruling by the Treasury Department that would allow Mr. Ratner to use tax-exempt bonds. If he is barred from using tax-exempt bonds, his costs would increase substantially for what would already be the most expensive arena in the world. Mr. Ratner has asked government officials recently for as much as $100 million in additional cash for the project, citing rising costs and problems in the bond markets.4. Bloomberg May Resuscitate AstrolandMayor Bloomberg said Tuesday he would try to save the historic Astroland amusement park at Coney Island, which closed Sunday, the Associated Press reported. Carol Albert, whose family has owned it for more than four decades, said the park is closed “permanently.” Ms. Albert said she gave up negotiating with Thor Equities when the private developer, which owns the land under Astroland, failed to respond to her request for a two-year lease. Astroland was under threat of closure a year ago, but Thor and Astroland agreed to a one-year lease extension. Mr. Bloomberg said the city will work to help negotiate another one-year extension of Astroland’s lease, and then aim to come to an agreement with Thor.5. New Museum To Purchase Building Next DoorThe New Museum of Contemporary Art announced that it plans to purchase a 47,000-square-foot, five-story building at 231 Bowery, adjacent to its main location, for $16.6 million, the New York Times reported. The museum opened its $50 million building at 235 Bowery in December, moving there from SoHo. While specific plans for expansion have not yet been announced, the museum said it will be using some of the newly purchased building for offices and storage space.

Week in Review

Week in Review

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Justice Department Is Reportedly Probing Conduct of Special Counsel Who Took Down Nixon

The Cancellation of Jewish Culture

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Mamdani Angers Base: Mayor Authorizes Use of NYPD Unit He Has Vowed to Disband

A New Fit for the Modern Man

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