The Afternoon Wrap: Wednesday

Dow drops 7.8 percent as investors come to grips with a broken economy no bailout plan can quickly fix. [NY Times]

Study shows 69 percent of New York’s working families spend more than a third of their income on housing. [City Room]

Sam Chang’s real estate empire grows with the addition of two skyscrapers at 99 Washington Street and 50 Trinity Place. [Curbed]

Manhattan’s three prime business districts saw vacancy rates rise last month, while asking rents fell. [TRD]

Citigroup CEO Virkam Pandit sells his four-bedroom UES apartment for $2.25 million. [Cityfile]

The long-shuttered Scaturro supermarket along Bushwick’s Knickerbocker Avenue to be transformed into a 49-unit, LEED-certified condo. [BushwickBK]

Park Slopers “in heaven” now that the old Tea Lounge on 7th Avenue is slated to become a Vietnamese sandwich shop. [Daily Slope]

A peak inside Dumbo’s historic, yet sadly-deteriorating Empire Stores Warehouse. [mcbrooklyn]

A wacky trip through Bay Ridge nightlife. [Bay Ridge Rover] The Afternoon Wrap: Wednesday