In This Week’s Observer…

Where will Manhattan’s first mega-home sale of 2009 come from? We predict.

Those Corcoran-going-under rumors? Started by rivals! (Maybe.)

But Edward Lee Cave is, in all seriousness, retooling a bit.

Diddy and 50 Cent’s manager Chris Lighty buys two Chelsea condos.

The city strikes a tentative deal for building lots of office space in the garment district.

CB Richard Ellis’ Spencer Levy on riding the coming distressed assets wave.

The condo conversion boom is over in the Financial District. Will 24-7 follow?

Who sets office asking rents these days? Not landlords! (And not brokers.)

Cole Haan signs a big, expensive lease in Soho.

SL Green wants 112,000 feet in development rights for its 317 Madison.

Some retail landlords may get screwed by the FDIC.

It’s the battle of the boutique hotels! The new Standard vs. the Gansevoort. In This Week’s Observer…