In This Week’s Observer…

Billionaire Pete Peterson buys a $3 million co-op for pal Les Gelb.

Enrique Norten buys in an Enrique Norten building for $1.9 million.

A Trump Parc duplex hits the market for $38 million (or €26 million).

Manhattan apartment rents dropped this summer. Will they stay down?

Transportation activist Paul Steely White on $4-a-gallon gas.

New York investors turn to foreign commercial real estate.

Architects and office brokers are leaving their industries amid the slump.

The summer of 2008 was as bad as people said for the commercial market.

How to feed the U.S. Open.

In This Week’s Observer…