The Afternoon Wrap: Wednesday

The Federal Reserve lowers its interest rate from 1.5 to 1 percent. [NY Times]

Will Ratner bail on his team and sell the Nets to Russian oil tycoons? [Curbed]

1107 Broadway (a.k.a. the former International Toy Center at Madison Square Park) to get an additional eight stories. Though the addition won’t resemble Eran Chen’s Legos-like design, but rather British architect John Pawson’s more conservative plan. [Curbed]

A famed UWS Bar-B-Q joint forced to move only a block away after engaging in (surprisingly) friendly negotiations with Columbia. [City Room]

Cushman & Wakefield’s third-quarter report shows a 65.3 percent drop in Manhattan property sales between September 2007 and last month. [TRD]

Apollo Real Estate Advisors to change name to AREA Property Partners beginning next year. [GlobeSt.]

Accounting firm Eisner LLP expands to the 13th floor at 750 Third Avenue, while the Republic of Poland grabs the 30th and part of the 29th floors (or 17,980 square feet) at the same building. [GlobeSt.]

More farewells in the East Village: World instrument shop, Tribal Soundz, closes its doors on East 6th Street. [Vanishing New York via City Room]

Inwood gets its first city-approved bike shelter. [StreetsBlog]

Construction finally begins on Andrew Kikoski’s retail building Wyckoff Exchange in Bushwick. [BushwickBK]

An exhibition of watercolors depicting the city’s rapidly vanishing rooftop water towers goes up at an art gallery in the public relations firm M Booth & Associates. [EV Grieve]

The Afternoon Wrap: Wednesday