Haussmann Development is moving forward on a new residential building at 16-20 Convent Avenue, closing on a $40.75 million construction loan from Affinius Capital in partnership with Axonic Capital. The new 84-unit mixed-income building will be located in Manhattanville, on a prominent corner site near Columbia University’s expanding campus. Construction is expected to be completed in early 2028.
16-20 Convent Avenue courtesy of Haussmann Development
The development site is located within a federally designated Opportunity Zone in one of Northern Manhattan’s fastest-growing residential and institutional corridors. The project will introduce a new rental building designed to address increasing housing demand in the neighborhood while incorporating permanently affordable housing units under New York City’s 485-x tax incentive program.
Rooftop of 16-20 Convent Avenue courtesy of Haussmann Development
Designed by Astoria-based NDKazalas Architecture PC, the building will also utilize the city’s Universal Affordability Preference (UAP) density bonus, which permits additional residential floor area in exchange for deeper affordability requirements.
Residential living room at 16-20 Convent Avenue courtesy of Haussmann Development
“We are thrilled to break ground on this exceptional corner site on one of uptown Manhattan’s most coveted blocks,” said Josef Goodman, founding principal of Haussmann Development. “We are proud of the land basis we assembled—including air rights from our neighbors—and look forward to delivering this project in early 2028.”
In addition to residential units, the project will include an on-site childcare facility intended to serve local families and residents in the surrounding Manhattanville community.
16-20 Convent Avenue courtesy of Haussmann Development
Affinius Capital cited the neighborhood’s proximity to major educational institutions, transit access, and nearby green space as key factors behind the financing partnership.
16-20 Convent Avenue courtesy of Haussmann Development
Haussmann Development’s Jake Sokol added that the capitalization marks a major milestone for the project as construction preparations move forward at the Convent Avenue site.
“We are proud to partner with Affinius Capital and Axonic Capital on this important milestone,” Sokol said. “Their deep expertise in construction lending and conviction in the New York City market make them an ideal partner as we move forward at 16–20 Convent Avenue”
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Manhattanville and West Harlem are ripe for new developments. The last frontier in Manhattan.
I can guess where the better-heeled tenants will be living, judging by the balcony floors.