New York

NEW YORK CITY-Lance T. Shaner has given up his quest to acquire a 51% stake in Interstate Hotels, thereby leaving one less obstacle in the path toward a merger between Interstate and MeriStar Hotels & Resorts.

VALHALLA, NY-Westchester County government held an informational session nearby its one million-square-foot proposed biomedical research park on the Grasslands campus that attracted a host of commercial real estate development and health care firms.

NEW YORK CITY-Financial proxy solicitation company D.F. King commits to an 11-year, 26,000 sf lease at 48 Wall St. The signing brings occupancy at the 34-story office tower to 79%.

NEW YORK CITY-Good Jobs New York lambastes city and state mechanisms for meting out Downtown redevelopment funds. Lack of accountability, the absence of an affordable-housing requirement and a big-business cash grab are the group's major concerns.

NEW YORK CITY-Newly formed Normandy Real Estate Partners snags its first Manhattan office asset in the low to mid-$400s per sf. The buyer says 1370 was being pursued by those squeezed out of the 450 Park Ave. buy. Normandy bought the asset in partnership with Scott Landis.

NEW YORK CITY-Bear Stearns chairman Jimmy Cayne was joined by Governor George Pataki, US Senator Charles Schumer and 800 employees last night to light the crown atop the financial services firm's new Madison Avenue headquarters.

NEW YORK CITY-Integra Realty Resources, in its latest investment survey, says that most markets--except for hotels--are recovering nicely, thank you. But owners' over-inflated view of building value isn't helping the capital pipeline to flow again.

WHITE PLAINS-The Seltzer Group of New York City has paid $3.8 million for a small parcel of land in downtown White Plains and plans to build a $30-million rental housing development there.