Just then! Cole shows up at PC's party! That's weird, what with him having been explicitly not invited. And since Taylor isn't even there, it's not clear what Cole's going to be doing. Cole takes PC out on the balcony and declares, "Here's the situation. I'll break it down for ya." Then he complains in a high-speed voice about not knowing what Taylor is up to. He's seriously talking way too fast. PC is nonplussed and also doesn't care. I know PC frequently claims not to care about things, but I believe him on this point. He has no interest in the details of Cole and Taylor's relationship. Nobody has any interest in that. That's one of the problems with this show.
At Union Square (I know because it's written on the subway entrance), Cole confronts Taylor about how he went to a party to confront her about going to a party without him, but she wasn't there and he couldn't confront her then, so now he wants to confront her about that. He wants Taylor to say what they are, and she suggests they not call it anything. He gets her to admit that she doesn't want to be in a relationship, and they're broken up. She says they can still hang out, and that goes about as well as it usually does. They hug, and I guess that's it for that. Taylor says that she was trying not to smile while walking away from Cole.
Next week is the season finale. Sweet.