NEW YORK CITY-Real estate's traditional lag behind the US economy continues, according to a Studley Q1 report. The greatest activity appears to be in Washington, DC, still perking from the boost of a new administration. San Francisco, on the other hand, has issues to deal with.

NEW YORK CITY-While Midtown and Downtown experienced a slump in asking rents last month, the Midtown South office market has perhaps finally begun to gel, according a newly issued Newmark report. However, Steve Schofel says that while the area may be the first to stabilize following Sept. 11, Midtown will be the less volatile area in the long run.

NEW YORK CITY-A pair of leases valued in excess of $4 million fill two floors at 12 E. 46th St., a 31, 000 sf office building located between Madison and Fifth avenues. JA Alternatives, Inc. signs a 10-year lease for the entire seventh floor, while Richard Metz Golf Studios leases the second floor in a 12-year deal.

NEW YORK CITY-New findings released on GlobeSt.com reveal that an increasingly profitable REIT market coupled with private-local investment are acting as a catalyst for all markets, finally raising the green flag for investors. Additionally, CMBS actually outperformed corporate bonds, while the manufacturing index has finally begun its upturn after a 1.5-year slump.

NEW YORK CITY-The Midtown and East Side office markets have hit critical mass, prompting businesses to look elsewhere for space. Corporate incentives and a recent 37-acre FAR upzoning prompt big business to look to Long Island City, says Richard Karson of Insignia/ESG.

NEW YORK CITY-The Pennsylvania Housing Finance Agency awards a total of $3.2M of funding and $1.3M in federal tax credits to build affordable apartment complexes in three commonwealth communities.

NEW YORK CITY-Governor George E. Pataki today shifts operations into high gear on the $93-million restoration plan for nine Hudson Line rail stations in Westchester and the Bronx. Construction has been ongoing since October 2001 and is slated to take three-and-a-half years.

TORONTO-Summit REIT acquires a portfolio of 110 light industrial/flex properties comprising more than 8.2 million sf across Canada. The seller was Aquest REIT. The deal raises Summit's total leasable space assets to 22.3 million sf.