The Afternoon Wrap: Monday

Commercial vacancy rates in the New York area to jump from 12 to 17.6 percent next year, says Property & Portfolio Research. [Crain’s]

As jobs in the city’s financial sector disappear, office rents may fall by 25 percent in two years. [Bloomberg via TRD]

Tishman’s decision to jump into the residential market with the purchase of Stuy-Town and Archstone Smith couldn’t have been timed worse. [Crain’s via Curbed]

Since blacks and Hispanics relied on subprime mortgages more than other groups, they received far fewer mortgages than whites or Asians in 2007 as the subprime industry collapsed. [City Room]

Related’s Stephen Ross may soon take a majority stake in the Miami Dolphins. [South Florida Sun-Sentinel]

City and state officials introduce bill that would require landlords to pay three times a tenant’s legal fees if they pursue legal action against a tenant under knowingly false pretensions. [TRD]

First Kim’s, now the Two Boots Pioneer Theater?! Another treasured East Village institution gets set to close its doors. [New York via EV Grieve]

New $66 million, 80,000-square-foot public school coming to Inwood by 2010. [Inwoodite]

Bushwick gym rats, rejoice! A three-floor co-ed gym is slated to open by Nov. 10 at Myrtle and Broadway. [BuckwickBK]

An unforgettable New York moment on the lowly G train. [Bitch Cakes via Gowanus Lounge]

The Afternoon Wrap: Monday