The Round-Up: Tuesday

“Madison Square Garden’s ‘Godfather,’ without the respect.” [NY Times]

Governor Spitzer may propose a cap on property tax increases in address Wednesday. [NY Times]

The chief executive of Bear Stearns expected to step down. [NY Times]

City Council begins push to end Madison Square Garden’s 25-year tax exemption. [NY Post]

Alternative proposal to preserve Pier 40 in Hudson River Park would cost four times the initial estimates. [NY Post]

Owner of Cinema restaurants sentenced to 30-days in jail for pocketing sales taxes. [NY Post]

New luxury condos rise in “incongruous” neighborhoods. [NY Post]

Jim Dolan skips hearing, “flack” defends Madison Square Garden’s tax breaks. [NYDN]

Long Island Railroad became more reliable in 2007, according to officials. [NYDN]

Eviction standoff between a Bronx health clinic and Gristedes’ mogul and potential mayoral candidate ends with clinic paying higher rent. [NYDN]

Without approved developers, city may have to take over Ferry Point Golf Course project. [NYDN]

The Round-Up: Tuesday