NEW YORK CITY-Governor George Pataki and lame-duck Mayor Rudy Giuliani announce a powerful corporation that will oversee the funding and development of Lower Manhattan. The plan is already taking hits from city and state officials who are labeling it as a partisan hedge against the possibility of a Democrat moving into Gracie Mansion and taking the reins of redevelopment into his own hands.

GREENWICH, CT-While locations across the country seek to redefine their core retail strategies, Downtown Greenwich continues to build on its community-friendly shopping district's longstanding success.

RANDOLPH, MA-Sears leases a 73,500-sf facility here on 21 Pacella Park Drive. The company plans to convert the building into a separate repair center as part of a nationwide venture. This center will service the New England region.

NEW YORK CITY-New deals closed by the Manhattan-based firm include Wall Street office space for a securities specialist, new Madison Avenue headquarters for a risk management firm and Long Island industrial space for a window-treatment manufacturer.

NEW YORK CITY-A pair of leases announced this week are more good news for Manhattan's retail market. A string of small to mid-size deals have closed without fanfare since September, while the real estate community has focused on the relocation of displaced World Trade Center office tenants.

NEW YORK CITY-W.P. Carey's third-quarter earnings, released today, show a gain--albeit a modest one--over the same period last year, adding another coat of polish to the firm's year-to-date performance. Contributing to the company's positive growth were a series of sale-leaseback transactions totaling $89 million.

NEW YORK CITY-The city's political elite are expected at tomorrow's ribbon-cutting ceremony for one of the largest residential developments to be built in Harlem in two decades. The public/private co-op project's 241 units were priced significantly below comparable Manhattan apartments.

NEW YORK CITY-The owner of prime SoHo real estate has fired one broker and hired another in hopes of securing a build-to-suit deal. The new marketing team is guardedly optimistic about closing a deal despite the current economy. The former broker, however, says the owner's greed has scuttled every offer to develop the property.