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.

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.

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.

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-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.

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.