Real Estate Wire: Penn Station Expansion Moves Forward; Price Chops Across the City

• Plans to convert the James A. Farley Post Office on Eighth Avenue into an elegant annex for Penn Station are finally moving ahead. [NYT]
• The Sunshine Hotel, one of the last operational Bowery flophouses, is downsizing one-third to make way for commercial lofts. [Bowery Boogie]
• Why Manhattan and Brooklyn apartment sellers have been cutting prices this month. [DNA Info]
• Elliman’s Michael Graves makes a record-breaking sale with his own Williamsburg apartment. The condo at The Residences at The Williamsburg at 135 North 11th Street sold for $1.75M or $1,906 per square foot. [Brownstoner]

The James A. Farley Post Office (left); A reduced two-bedroomat 2255 Adam Clayton Powell Blvd. (right)