On the Market: REBNY Gives Bloomberg Ultimatum; Macklowe’s Townhouse Tangle; Ciao, Little Italy

Real estate leaders tell Mayor Bloomberg to get property taxes under control, or new development will halt. (WSJ)

Elder Macklowe tussles with Harrod’s owner Mohammed El-Fayad over Drake Hotel development. (NYP)

Not a single resident of Little Italy was actually born in Italy. (NYT)

HUD charges Long Island owner with discrimination for not providing disabled parking spots. (RealEstateRama)

Wal-Mart’s earnings jump 27 percent and they haven’t even invaded New York yet. (WSJ)

Commercial rents will grow “modestly” this year, says CBRE. (Bloomberg)

What could be better than a Sky Garage? A Seldorf-designed recycling station! (WSJ)

Owner of last arcade denies his business is dead. (Gothamist)

Fire Department blames fatal blaze on staff shortage. (AP via WSJ)

Toy mogul Alfred Kahn finally sells Time Warner pad (TRD)