April 15, 1985

Edward L. Sadowsky, chairman of the City Council's Finance Committee, has decided not to seek re-election this year, in effect bowing out of public life - though not for long, he predicts - after nearly 24 years in elective office. It took him a long time to reach his decision, and his reasons are many, the Councilman from Beechurst, Queens, said in an interview. Seated in the back of a noisy coffee shop across from City Hall, he spoke about everything from the frustrations of serving in a legislative body that has limited authority and his problems with Democratic political leaders to his plans to run for Mayor in 1989. But, as is often the case in such matters, Mr. Sadowsky ultimately described his unexpected decision - one that is destined to shake up the City Council leadership - in personal terms. ''I am now 56 years old, I've served almost 24 years,'' said the Councilman, ''Many people could say, 'Well, all right, I'm retiring.' But I look at it as kind of a graduation. I want to go on to something else entirely different. As a matter of fact, I'm a little excited by it.''

FOR most taxpayers and tax accountants, this is the day of reckoning. But for Boris Kostelanetz, that day may be three or four years away. At the age of 73, Mr. Kostelanetz is widely regarded as the dean of tax fraud lawyers. His firm, Kostelanetz & Ritholz, is said to be the largest firm in New York specializing in the defense of white-collar crime - or, as Mr. Kostelanetz says, ''commercial disputes'' - and the leading one in the nation in tax cases.

Despite fears among many investors that the American economy may be faltering, most economists remain cheery. They say that although some manufacturers will continue to suffer, the overall economy will continue to grow at a modest pace. ''I really don't think it's faltering,'' said Lawrence Chimerine, chairman of Chase Econometrics, a forecasting company. ''We've been in a slow growth period since last summer, and we get bouncy statistics. One month, when they bounce up, people get exuberant. Next month, they bounce down, and people talk about the economy collapsing. Neither view is right.''

C. Todd Conover has scheduled May 4 as his departure date as Comptroller of the Currency.

The automobile dealership of the future may have taken root on the southeast side of this city by the bay. The San Francisco Autocenter, with models from six different car companies under one roof, has more in common with a beguiling shopping mall than with a traditional car dealership. Customers are free to stroll a central aisle and browse among the Toyota, Datsun, Isuzu, Mazda, Chrysler, Plymouth, Saab and Alfa-Romeo models on display. Within that broad aisle, sales people are forbidden to accost them. The customer can wander into a car-oriented bookstore or pause for coffee in a mezzanine-level lounge. The Autocenter is the creation of Martin L. Swig, who established it two years ago despite some grumbling doubts from the auto companies involved. Mr. Swig consolidated his five franchises and two service shops at this site, and the idea seems to have proved itself. Last year, sales jumped to 4,500 cars from 3,000 before the move.