The Afternoon Wrap: Wednesday

It’s official (sorta): New York is in a recession. [City Room]

More developments at Atlantic Yards: Subcontractors stop work on the Vanderbilt Railyard; Nets president Brett Yormark tells WFAN he’s convinced the team will “bounce a basketball” in Brooklyn by the 2011-12 season. [Curbed]

Park Slope’s J.J. Byrne Park is officially renamed after George Washington. But who was this mysterious J.J. Byrne character, anyway? [City Room]

At 16 million square feet, the amount of office space available in Manhattan has doubled from a year go, according to Colliers ABR. [NY Times via Curbed]

Now that the Internet has completely transformed the real estate industry, how will the relationship between the two change in the coming years? [TRD]

With the economy in turmoil, Helmut Jahn’s $600 million hotel/condo at 50 West Street may be delayed until 2012. [TRD]

Arker Cos. secures $24.4 million in financing to construct a 73,000-square-foot affordable housing development in the Longwood section of the Bronx. [GlobeSt. via BoogieDowner]

Bed-Stuy can rest easy. The Sumner Avenue Armory men’s shelter may not be getting hundreds of “dangerous felons” bussed over from Bellevue after all. [Brownstoner]

Brooklyn’s infamous IDT Energy scammers invade Queens. [Queens Crapper]

Isaac Yomtovian plans to donate his beloved Kreischer Mansion in Staten Island to a charitable organization instead of turning the 19th-century building into an active-adult community. [The Prodigal Borough]