1. Co-op Sells for $46M, Breaking Record: The record for most expensive co-op apartment was broken this week by a hedge fund executive, the New York Observer reported. The 17-room, seven-bedroom, duplex penthouse at 1060 Fifth Ave. reportedly sold for $46 million, $2 million more than Rupert Murdoch’s triplex at 834 Fifth Ave.

2. Washington Square Park Renovations Resume: After two years of legal battles, a Manhattan Supreme Court judge ruled this week that renovations of Washington Square Park can go forward, Metro reported. The renovation will take place in three phases over several years.

3. Lord & Taylor Leases Space: The luxury department store Lord & Taylor took out a 109,000-square-foot lease at the Starrett-Lehigh Building at 26th Street and Eleventh Avenue, the New York Post reported. The new space will allow the company to complete a $100 million renovation of its flagship store, at Fifth Avenue and 38th Street.

4. Illegal Hoteliers May Face Higher Fines: The City Council is debating legislation that would crack down on the illegal use of apartments as hotels around the city. Under a bill proposed by Council Member Gale Brewer, first offenses would warrant a $5,000 fine, followed by $15,000 for a second offense, and $20,000 for a third. The fine is currently $800.

5. Luxury Hotel Breaks Ground in Brooklyn: One of the first luxury hotels planned for downtown Brooklyn is breaking ground on December 11, the New York Post reported. The 23-story Hotel Indigo will feature 180 rooms on Duffield Street, along with a rooftop bar, high-end restaurant, and 17,000 square feet of retail. The building is designed by Karl Fischer. Nearly 2,000 hotel rooms are set to come to the neighborhood by 2012, according to the Downtown Brooklyn Partnership. Currently, the New York Marriott on Adams Street serves the area alone.

6. SL Green Acquires Citigroup Towers: SL Green has acquired two towers from Citigroup’s two towers for $1.575 billion, the company announced this week. The real estate company partnered with a company in Canada, SITQ, to acquire the buildings, which have a combined total of 2.6 million square feet. The deal works out to about $598 a square foot. Under the deal, Citigroup will continue leasing the building and will pay for operating and maintenance costs for 13 years.

7. City Offers ‘Green’ Incentives: The city is planning to make $2.4 billion worth of incentives available to buildings that retrofit their structures with environmentally friendly components, an official said last week, according to the Downtown Express. The director of long-term planning and sustainability for the mayor’s office, Rohit Aggarwala, said the plan would roll out over the next eight years and would reduce electricity costs by 20% by 2015.

8. Offices To Be Built Above Bus Terminal: The Port Authority of New York and New Jersey is aiming to take advantage of its air rights to renovate its bus terminal in Midtown, the New York Times reported. Vornado Realty Trust and the Lawrence Ruben Company plan to build a 40-story office building on a deck over the four-story terminal. The deal could be worth as much as $500 billion.

jsatow@nysun.com