In This Week’s Observer…

Baron Eric de Rothschild buys a Village penthouse for his painter wife for $1.15 million.

Sales plunge, prices stay high in the Hamptons and the North Fork. Sound familiar?

David Paterson taps Christopher Ward to take over the Port Authority. Next stop, Moynihan Station?

Jed Walentas leads his father David’s firm out of Dumbo and into Manhattan again.

One Bryant Park opens for business! Finally! But not officially!

Law firm Paul, Weiss inches toward taking one-third of Vornado’s planned Port Authority tower.

Guessing Harry Macklowe’s next move–it’s the new real estate parlor game!

The (most recent) management shakeup at the Chelsea Hotel snags tenants and staff in its crossfire.

In This Week’s Observer…