The Round-Up: Thursday

The city quietly, yet drastically, scales back its original school construction plan to create just 42 (not 76) new buildings over the next five years. [NY Times]

Christie’s gets roughed up by Wall Street, as a major auction of highly-prized modernist art sells for less than half the low estimate. [NY Times]

Report shows Wall Street bonuses may plunge by 20 to 35 percent this year, possibly dropping as far as 70 percent for a few chief executives. [NY Times]

Hoping to close the city’s budget shortfall, Bloomberg proposes raising personal income taxes by up to 15 percent and sales taxes by 3 percent, among other measures. [NY Times]

Nancy Cataldi, a major Richmond Hill preservationist, dies at 55 of a brain aneurysm. [NYDN]

Lehman Brothers CEO Richard Fuld finally calls it quits, promising to leave by January 1 and give up all bonuses and severance packages. [NYDN]

As the gap between LEED-certified buildings and those that are simply eco-friendly closes, NYC is getting greener than ever. [NY Post]

Gimme Shelter: Tommy Hilfiger rents Park Avenue quadraplex for $50,000 a month; Noami Watts and Live Schreiber eyeing a Tribeca duplex even while they’re in contract for two condos at One Madison Park; former Lehman CFO Erin Callan in contract to pay up to $8 million for an East 66th Street condo. [NY Post]

Fossils dating back 220 million years found on Civil War-era grave at a Staten Island cemetery. [NY Post]

Manhattan judge reverses an earlier decision and allows UWS scammer Dina Wein-Reis out on bail, while other court proceedings reveal Wein-Reis to have $100 million in personal assets. [NY Post]

News Corp.’s profits soar 6.3 percent to $7.5 billion. [NY Post]

Only 42 applications were filed to refinance distressed mortgages as part of the Hope for Homeowners program since its launch on October 1. [WSJ]

Vacation rental companies hope to make the process of renting a vacation home a little less anxious and a little more dependable. [WSJ]

The Round-Up: Thursday