In This Week's Observer…

Come Back to San Gennaro: The Mob is Deeply Missed
City officials have since strived to cleanse San Gennaro of certain less than desirable elements: No more gambling. No more booze-slinging street vendors. And, if you believe the current organizers, no more Mafia involvement. Mob mentality, though, still has its place. Go to story by Chris Shott.

Behold, a Mini-City Rises
Five years ago, Mayor Michael Bloomberg painted a utopian picture of the future of New York on the canvas of the disjointed tenements and taxi garages of West Midtown. And guess what? It's all coming true--sort of. Go to story by Matthew Schuerman.

Mayor Wants to Flood Housing Market
Land. Mark Twain said they're not making any more of it, but the Bloomberg administration is going to try anyway. Go to story by Matthew Schuerman.

Italian American Museum Plans Appropriate Move
The museum announced on Tuesday that it has purchased three buildings near the corner of Grand and Mulberry streets in the hopes of moving to Little Italy over the next three years. Go to story by Mark Wellborn.

SL Green Cranks Out $600 M. in Deals in Furious Few Weeks
SL Green, the biggest landlord in the city, has struck several Manhattan deals totaling toward $600 million in a frenzied few weeks.
Joe Moinian closes on $160 M. buy of 475 Fifth
Joseph Moinian has closed on his purchase of 475 Fifth Avenue for $160 million. By the time two other Fifth Avenue deals close later this year, the developer will have purchased seven buildings on Fifth since 2004. Go to Commercial Breaks by John Koblin.

This Club Rests on the Seventh Day
On Tuesday, a panel of appellate justices granted the former Club Deep--now called Venue--a preliminary injunction that allows its bartenders to continue concocting pricey cocktails--but only so long as the Flatiron district place stays shut on Sundays. Go to Counter Espionage by Chris Shott.

Keith Olbermann Spends $4.2 M. for Trump Condo
As a pleasingly debauched symbol of his transformation into a top-tier, top-paid newsman, Keith Olbermann has bought a sprawling 40th-floor apartment in an Upper East Side Trump condominium.
Central Park West Co-Op with Mirrored Ceiling Sells for $3.56 M.

Pornographers, even the artiest ones, do not leave behind prim apartments. Lawyer Howard Yaruss paid $3.56 million for a savaged 16th-floor co-op at 80 Central Park West. Go to Manhattan Transfers by Max Abelson.

Crashing the Stag Party of Real Estate
Developer Veronica Hackett talks about the Bronx, the High Line and why the 'very small world' of New York commercial real estate has so few women in top places. Go to The Sit-Down by John Koblin.  

‘Hot’ Hotel Market’s Really Just 98.6 Degrees
The current, post-Sept. 11 performance of the Manhattan hotel industry is merely normal, tethered as it is to a trend dating back to the Mayor Lindsay administration.  Go to The Lab by Tom Acitelli.

In This Week's Observer…