NEW YORK CITY-The US Olympic Committee yesterday announced that New York and San Francisco are its two finalists to host the 2012 Summer Olympic Games. The economic impact would be enormous, but some feel the bid's concessions outweigh the event's potential benefits.

NEW YORK CITY-The Pax Organization, owner of Pax Wholesome Foods and Cafe Europa, increases its Manhattan presence with one new location on West 42nd Street and another on Seventh Avenue in the Equitable Center.

NEW YORK CITY-Mid-year reports from S&P, Trammell Crow and Grubb & Ellis predict that the sputtering economy will forestall a rebound in the city's office sector, while new Insignia/ESG research indicates that Long Island's office market will remain robust.

NEW YORK CITY-A lawsuit claiming that Las Vegas' Park Place Entertainment Corp. tried to prevent three developers from building a casino with the Saint Regis Mohawk Tribe was thrown out yesterday.

NEW YORK CITY-The Commerce Department's non-regulatory technology agency will investigate building construction, materials and technical conditions that contributed to the outcome of the Sept. 11 attacks.

NEW YORK CITY-The State Street Corp. subsidiary has deals in the works for apartment community projects in the South Florida, New England, Southern California and Washington, DC markets. Closings are expected by year's end.

NEW YORK CITY-Substandard properties and late-payers were told last week that they are to be eliminated from the franchisor's massive inventory. The move is part of a new initiative that will shrink the company's domestic franchises by 7%.

NEW YORK CITY-The Governor was on hand earlier today to report the beginning of construction at the 460,000-SF Hutchinson Metro Center and to reveal the facility's first tenant. The organization expects to have 900 workers in place by next summer.