The Round-Up: Wednesday

Facing $20 million in structural repairs, a Brooklyn convent closes its doors after 146 years. [NY Times]

New Jersey resigns itself to this month’s major toll increases—some as much as 60 percent—along the Turnpike and Atlantic City Expressway. [NY Times]

Controversy swirls around Paterson’s proposal for an 18 percent tax on non-diet sodas and juices. [NY Times]

SEC acknowledges it largely ignored ample evidence suggesting wrongdoing at Madoff’s investment empire and promises a full internal investigation. [NY Times]

Home construction drops to its lowest levels in 50 years, while consumer prices skidded at a record pace last month. [NY Times]

What $500,000 gets you. [NY Times]

Surprise, surprise: half the people who died in New York’s subways over the last decade were also very drunk, study shows. [NYDN]

Housing Authority botched the management of $300 million worth of construction projects completed by private companies. [NYDN]

Madoff’s sons refuse to help him get out of jail by signing off on their father’s $10 million bond as “financially responsible persons.” [NY Post]

Between the Bricks: Brooks Brothers to open new store in Rockefeller Center; Joseph Moinian asssures us that, despite the rumors, W New York Downtown is doing just fine; Dutch document-management company OCE signs 15-year lease for the sixth floor at 1333 Broadway. [NY Post]

Later today, M.T.A.’s board will likely approve “draconian” fare increases and service cuts in an effort to close the agency’s $1.2 billion budget gap. [NY Post]

As Citigroup’s largest shareholder, the Feds step up oversight of the troubled bank. [WSJ]

Anticipating a major federal stimulus package, developers and city planners across the country are pulling together proposals for real estate projects to get their local economies back on track. [WSJ]

The Round-Up: Wednesday