Haussmann Development closes $7.5m sale on 10-story mixed-income development

Manhattan, NY Haussmann Development has closed on a land purchase of 10,166 s/f for a new mixed-income development located on 16-20 Convent Ave. in West Harlem with a price of $7.5 million. The 10-story development will transform the vacant space into 75 apartments, including 15 affordable at 60% Area Median Income (AMI), with one- and two-bedroom layouts.

This new development is Haussmann’s fifth project in Northern Manhattan and will provide another addition to the local housing supply as the affordable housing crisis grows in the city. The project will be developed under the 485-x tax incentive program alongside the City of Yes UAP (Universal Affordability Preference) for the affordable housing portion, making it one of the first few developments in the city to integrate both initiatives. 

“This new development represents our commitment to tackling the housing crisis while creating beautiful and quality homes for our tenants”, said Josef Goodman, principal at Haussmann Development. “We’re proud to get the work started on delivering another mixed-income building to Upper Manhattan – one that will make a lasting impact on the community and serve as a model for fellow developers.”

Residents will have access to various modern amenities, including a fitness center, a tenant lounge, bike storage, a rooftop terrace, storage, and an on-site childcare facility. This development’s inclusion of a childcare facility builds upon Haussmann’s work at their Park Row Harlem project, where they transformed a bland space into the vibrant and engaging Little Legacy Village Preschool. It was profiled in a recent New York Times article. 

With a 10-story building in a low-rise area, residents will have views and lighting. The development is in a prime location, two blocks from the 125^th station with access to the B/C/D/E trains and near top destinations like the Apollo Theater, Columbia University, and fantastic dining options. The building will start construction at the end of this year with an estimated completion date of spring 2027. The architect for the project is Nickolas Kazalas. 

This new development will further enhance Haussmann’s profile in Upper Manhattan and throughout New York City. Notable projects include The Duke at 521 West 134^th St., just a few blocks from Convent Ave., featuring 28 premier apartments. Haussmann recently completed and fully leased The Eve at 827 Sterling Pl. offering 76 mixed-income units in the sought-after Crown Heights neighborhood. Adding to their Brooklyn housing is Arris Grand at 445 Grand Ave. in Clinton Hill, the nine-story development features 113 residential units, including 34 affordable apartments and a variety of high quality amenities. Both of these properties recently closed on refinancing deals with loan amounts of $40.75-million and $49.5-million respectively.