In Today’s Observer

Perky Regis-sidekick, Kelly Ripa, continues making Soho real estate deals, in Manhattan Transfers. On the Upper East Side, a $20 million apartment at tony 720 Park sells (while a unit on a higher floor coincidentally enters the market). And a new trend emerges this week: the $2 million luxury drop. Just ask Harry Belafonte.

David Gunn, the man who saved New York’s subways in the 1980s, tells Matthew Schuerman why he got canned from his latest job, as Amtrak president, and why Ed Koch was so much better a person to work for than President Bush.

Ever wonder where those commissions go? This year, Douglas Elliman brokers party at The Four Seasons! And guess who might have to crash the Corcoran holiday party? See The Observer holiday party roundup for the answer.