The Afternoon Wrap: Monday

As the wealthy get skittish over bad economic headlines, the luxury residential market takes a major hit. [New York]

Cleveland’s delayed skyscraper known as the Medical Mart gets some competition from New York’s own tower dedicated to the medical industry—the $1 billion World Product Centre. [Plain Dealer Metro]

MTA chief Elliot Sander warns that “draconian” cost-cutting measures—such as toll hikes and service cuts—are on the horizon if the agency can’t find other revenue sources to confront next year’s $1.2 billion budget gap. [City Room]

Yet another boutique hotel coming to the LES at the site of the former Fine & Klein Handbags store. [TRD]

Already struggling with the construction of the Second Avenue subway, UES residents now have to deal with another major street dig—this one for Con Ed transmission cables running from 75th to 96th streets. [NY Post via Curbed]

Add mold infestation to Stuy-Town’s growing list of troubles. [Lux Living via Curbed]

NYC rejects all proposals to redevelop Red Hook’s Pier 11 two years after soliciting bids. [Brooklyn Paper via TRD]

Some good economic news for the city: jobs in Sheepshead Bay have increased 53 percent since immigrant retailers, attracted by low rents, began flooding the area 10 years ago. [TRD]

Cupcakes for the East Village! [EV Grieve]

The Afternoon Wrap: Monday