Newsday from New York, New York • 53

41 NEWSDAY MMKETUNE: CALL-1 -900-346-1900 for Mb quotes, tsuucnons on page 48. 10-DAY DOW TREHD 3,000 2.900 2,800 2,700 OB CO Yesterday 3,000.45 Up: 30.80 nr urn co co --t Real Estate Shows Signs of Life Commercial and residential business in city looking up individuals, said Martin Turchin, Gordons vice chairman. "In December, everyone was depressed. In February everyone got a little more optimistic. And in fact, residential brokers report similar activity among luxury apartment buyers.

Howard Milstein, chairman of Douglas Elliman, a leading residential real estate firm, said apartments worth $200,000 and up are selling for amounts much closer to ask- By Barbara W. Selvin STAFF WHITER It could be a blip, it could be a sign of the industrys eternal optimism or it could be the first glimmer of good news for New York City real estate, but surveys by brokerage firms show that both commercial and residential customers are beginning to spend more money. An internal study by Edward S. Gordon one of the citys largest commercial real estate outfits, found that out of 94 office leases negotiated by the firm's 70 brokers between October, 1990, and March, 1991, 48 were for more space than the tenants had previously occupied. Only 11 were for less space.

The rest were renewals for the same quarters or new locations or were for startup companies. The number of expansions surpised people at the company. "The attitudes of a lot of corporations are really not that different from Please see REALTY on Next Page Javits Center Is Booked For 4 Days Booksellers here to tout their new titles k- 4 r1. i di 3 I I AP Photo Wild Day for Platinum Platinum traders went crazy as prices plunged said it has developed a new palladium catalytic $20.40 at $376.70 an ounce on the New York converter. The converters now contain Mercantile Exchange after carmaker Nissan platinum and rhodium.

By Elizabeth Sanger 8TAFF WRITER With great fanfare but against a backdrop of slowing sales the book world converges on Manhattan this weekend for the annual American Booksellers Association convention, where upcoming titles are hyped and best-selling authors celebrated. The four-day affair, which showcases the hot new books for foil, officially kicks off tomorrow at the Jacob K. Javits Convention Center. Publishers are hosting glitzy parties starting tonight to introduce their writers and welcome the nations book retailers to their home town. The last time the convention was held here was in 1975.

Although the recession and the gulf war have dampened sales, the convention, the largest English-language book fair in the world, is expected to draw record attendance. More than .27,000 people have registered, and the Manhattan-based trade group expects the final turnout from U.S. and foreign book publishers, book sellers, authors and agents to total about 30,000. One reason for the large crowd is because publishing houses are sending many more employees than they would if they had to travel across the country and pay for airfare and hotels. Hie show is not open to the public.

Overall, sales are about even compared to last year, which is no great shakes, but when you look at other types of retailers, particularly in shopping malls, were doing OK, said Leonard Riggio, owner and chief executive of Barnes Noble the countrys largest chain, whose stores also include B. Dalton. In past years sales have climbed 5 percent to 10 percent, he said. The association projects that UJS. bookstore sales will climb 8.2 percent, this year to $7.9 billion, lower than the 12.3 percent hike in 1990.

In the first quarter of 1991, sales rose 7.4 percent over the same period a year ago, Bemie Rath, executive director of the booksellers association said. A lot of books are selling, but arent selling as strong as we would like, Alberto Vitale, chairman of Random House said yesterday. But in the past week or two, he said he has received reports of a slight pickup in sales. Unlike previous shows where one book often grabs the most interest, industry observers couldnt a book they expected to become the talk of the fair. Pension Protection Group Companies join together in wake of Executive Life collapse By Jill Dutt STAFF WRITER Fifty-five companies have banded together to try to protect workers whose pensions and other benefits were thrown into turmoil with the failure last month of Executive Life Insurance Co.

Although many of the companies arent promising to make up the losses workers may face, they are trying to press Californias insurance commissioner and other officials to make sure any losses would be small. Its a lot easier to be heard when you represent $700 million in contracts, said John Nestico, senior benefits counsel at Unfoys which is part of the group. The organization, called the Group Annuity Participant Protection Association, represents about 500,000 workers across the country. Other companies involved include Xerox, Honeywell, and Bayer according to James Corcoran, a lawyer representing the group. These companies had purchased contracts from Executive Life as investment choices in their "defined contribution plans for their employees.

Such plans, which include 401(k) plans, generally allow employees to contribute Please see LIFE on Next Page .1 I I i1' 1 Pteffaegee BOOKS on Next Page 4 John Garamendi a vn.7.v i 1 ryi.