Early Afternoon Update

New York Times plans to borrow as much as $225 million against its midtown headquarters. Cushman & Wakefield handling the financing arrangements. [NY Times]

CEO John Thain and other Merrill executives face a fight over their year-end bonuses. [WSJ]

Mayor Bloomberg among big-city mayors in Washington today to lobby for federal infrastructure help. [WSJ]

Another trend down! Fewer willing to buy condos sight-unseen. [NY Mag]

Risky commercial real estate investments may hamstring hedge funds in 2009. [GlobeSt]

Questions on the timing of the debut of the revamped Plaza’s retail mall. [NY Times] Early Afternoon Update