The Afternoon Wrap: Wednesday

Both the Government Accountability Office and a congressional panel conclude that the Treasury distributed funds to banks from its $700 billion rescue package without any way to monitor their use. [WSJ]

Bloomberg orders more budget cuts, this time a 7 percent, or $1.4 billion, trimming to begin July 2010. [City Room]

Though delinquencies on commercial mortgages rose 10 points nationally last quarter, the delinquency rate is still lower than its average over the last 10 years. [CPN]

The Board of Standards and Appeals finally gives the thumbs-up to Sheepshead Bay’s much-hated and long-delayed Homecrest condo. [Curbed]

Sales offices for Rem Koolhaas’ 23 East 22nd Street to open on Mercer Street in Soho later this month. [Curbed]

Henry Justin of HJ Development moving the company’s offices to 261 West 35th Street. [TRD]

Lionel Pincus’ sons slash the price of their father’s 7,000-square-foot Pierre duplex from $50 to $43 million. [Cityfile]

Hmmm… seems like a lot of buildings are up for sale in the East Village. [EVG via BoweryBoogie]

M.T.A. unveils the glories of their full-window billboards. [Gothamist via VNY]

The Afternoon Wrap: Wednesday