NEW YORK CITY-The local industrial market will be the first to come out of the current industry-wide slump, followed by the office and retail sectors, real estate analysts say.

PLYMOUTH MEETING, PA-The shopping center REIT completes its acquisition of the Village West Shopping Center through an exchange of partnership interest in Cedar Crest Associates LP, the center's previous owner.

ALLENTOWN, PA-The area's second Garden Inn is located near Lehigh Valley International Airport. Owned by HJ & VJ Inc., the newly constructed hotel will operate under a licensing agreement with Hilton Inns, Inc. and will be managed by Meristar Hotels & Resorts.

STONY BROOK, NY-Maryland-based Landmark National has been hired by Gyrodyne Co. of America Inc. to plan an 18-hole golf course community on its massive Flowerfield property located here and in neighboring St. James.

NEW YORK CITY-Boston-based law firm Goodwin Procter LLP leases a full floor and renews its space on two partial floors of the 47-story tower at 53nd St. and Lexington Ave.

WEST CONSHOKEN, PA-While many industry players are enjoying some holiday downtime, Keystone buys an Allentown business center and secures a new line of credit.

NEW YORK CITY-Silverstein Properties sues Travelers Indemnity Co. and asks for permission to add most remaining insurers of the World Trade Center to its counterclaim against Swiss Re.

NEW YORK CITY-The local real estate markets, already weakened by a faltering economy, were temporarily paralyzed by the World Trade Center bombings. But the ongoing impact of Sept. 11 on the industry is difficult, if not impossible to quantify.