The Afternoon Wrap: Wednesday

Dubai’s long-running housing boom finally slows as tightening credit and a government probe into the real estate and financial markets scare away investors. [WSJ]

Medicaid and education to get slammed with the bulk of Paterson’s proposed $5.2 billion in cuts over the next year and a half. [City Room]

The crosstown M96 wins the Pokey Award for the city’s slowest bus. [City Room]

Major changes to the Joseph Papp Public Theater at Astor Place to be discussed at tomorrow’s Landmarks Preservation Commission meeting. [Curbed]

Williamsburg’s East River State Park may close for the winter. [Curbed]

Eco-friendly townhouses with exterior “living green wall[s]” coming to Bed-Stuy. [TRD]

WTC developer Larry Silverstein and the Port Authority enter into arbitration to settle a dispute over late fees stemming from land the Authority handed over to Silverstein. [AP]

The Edge—home of Williamsburg’s most expensive condo—tops out. [Brownstoner]

Winners announced in the Forum for Urban Design’s competition to re-imagine Red Hook as “the most bicycle friendly neighborhood” in NYC. Now what? [Streets Blog]

The future of the Chelsea Hotel “lies in flat screen televisions, in-house movies, mini-bars, and i-Pod docking stations.” [LWL via Vanishing New York]

The Afternoon Wrap: Wednesday