NEW YORK CITY-Manhattan is a shopping destination for many and Wells REIT is no exception. The Atlanta-based Wells is allocating $500 million for acquisitions in New York City.

QUEENS, NY-Developers for New York City's first lifestyle retail center have closed on a $28 million bridge preconstruction loan. The 10-acre, the Shops at Atlas Park in Glendale is expected to open in the spring of 2005.

STATEN ISLAND, NY-Saint Vincent Catholic Medical Centers chose Cushman & Wakefield to act as its real estate advisor for the disposition of the land at its Bayley Seton Campus here.

NEW YORK CITY-Multifamily developer Tarragon Realty president and CEO William S. Friedman said the company is evolving rapidly and encourages onlookers to stay tuned for future developments.

BROOKLYN, NY-A former Bear, Stearns & Co. exec is named COO for Meridian Capital as the multifamily mortgage broker looks to expand into new geographic markets over the next few months.

NEW YORK CITY-Yet another lawsuit is threatening to slow down the process of rebuilding the Ground Zero area. Deutsche Bank is suing two insurance companies to resolve the fate of 130 Liberty St, which was damaged on Sept. 11.

NEW YORK CITY-The Downtown market has "broken loose" according to one broker. The direct vacancy rate in Lower Manhattan fell by 5.7% at midyear.

NEW YORK CITY-The Leading Trust is the result of a five-year business plan for the Leading Hotels of the World. The joint venture is expected to invest in luxury hotels and will start its efforts in Europe.