The Afternoon Wrap: Friday

Bush announces $17.4 million in aid for GM and Chrysler conditioned on a comprehensive reorganization of both companies and their future profitability. [NY Times]

Renaldo Clark, the second guy to scale the NY Times Building, pleads guilty to reckless endangerment. [City Room]

Bowing to intense City Council pressure, Bloomberg backs down from his plan to “modernize” the city’s senior centers. [City Room]

Embattled REIT General Growth says it’s still working on Seaport redevelopment and East 125th Street project. [NY Times]

City contractors in talks with unions to lower labor costs—which often account for between 50 and 60 percent of a job’s cost—in an effort to revive the $5 billion worth of stalled developments throughout NYC. [Crain’s via Curbed]

André Balazs’ Standard is finally opening on Sunday… and yes, he’s serious this time. [Curbed]

DOB revokes permit to build controversial penthouse on top of former Underground Railroad site, 339 West 29th Street. [Chelsea Now via Curbed]

Citibank sues Sheldon Solow for failing to make good on $67 million in loans and $18.5 million in credit he received for the construction of a series of still-nonexistent buildings along the East River. [TRD]

amNY’s third annual preservation report reveals a renewed interest in the outer boroughs. Ninety-six percent of buildings landmarked in fiscal year 2007 could be found outside of Manhattan. [amNY via TRD]

It’s the world’s first automated outdoor parking garage… and it’s in Bushwick?! [BushwickBK]

Jane Hotel residents protest outside Eric Goode and Sean McPherson’s Bowery Hotel over the owners’ history of harassment at the Jane, which the pair also owns. [VNY via BoweryBoogie]

The Afternoon Wrap: Friday