NEW YORK CITY-The newly launched initiative aims to increase the amount of affordable housing in the five boroughs through a public/private partnership. It's expected that up to 10,000 housing units will be developed.

NEW YORK CITY-Creating the second-largest banking franchise in the US, JPMorgan Chase is merging with Bank One. The merged company will have $1.1 trillion in assets.

NEW YORK CITY-An investment firm has subleased 31,500 sf of space formerly occupied by scandal-ridden Tyco International at the 50-story 9 West 57th St.

NEW YORK CITY-Financing in the amount of $120 million has been arranged for the so-called "building within a building" at 75 Broad St. It is the second financing by CDP Capital for the property in the past year.

NEW YORK CITY-Dallas-based Lincoln Property Co. felt the time was right to make a purchase here. For $68 million, the firm acquired the 202,426-sf 95 Morton St. in West Greenwich Village.

EAST ELMHURST, NY-In one of the area's largest industrial leases, Avis Rent-A-Car inks a deal for 305,000 sf here in this site near LaGuardia Airport. The company plans to utilize the space as a major hub of operations.

NEW YORK CITY-Industry veteran Daniel M. Neidich retires as managing director of Goldman Sachs & Co. He joined the company in 1978 and his successor is Stuart Rothenberg.

NEW YORK CITY-Reckson closes on its $321-million acquisition of the 42-story, 1.1-million-sf 1185 Ave. of the Americas.