A long-vacant corner of West Harlem is finally on track to sprout housing. Haussmann Development has locked in a $41 million construction loan for a planned 10-story, 75-unit residential building at 16–20 Convent Avenue, clearing a major hurdle for the project the firm announced after buying the site last year. The building is slated to mix market-rate apartments with a block of permanently income-restricted homes.
According to Crain's New York Business, the roughly $41 million loan will cover ground-up construction at the corner of Convent Avenue and West 128th Street. The financing satisfies a key precondition for breaking ground and arrives at a time when developers across the city are wrestling with rising construction costs and tighter lending standards.
Project details and timeline
Haussmann bought the 10,166-square-foot lot at 16–20 Convent Avenue in 2025 and is planning a 10-story building with 75 apartments, about 15 of which the developer says will be permanently affordable, according to Commercial Observer. The project is set to use New York’s 485-x property tax incentive and the City of Yes Universal Affordability Preference to deliver those affordable units, tools city officials have promoted as ways to encourage mixed-income development.
Materials from the Department of Housing Preservation and Development describe early registrations under 485-x and the Universal Affordability Preference as a way to speed up income-restricted housing production in neighborhoods like Harlem. That policy framework could help move the Convent Avenue project from the permitting phase into active construction.
Financing context
Haussmann has been busy on the financing front. The firm recently refinanced The Eve in Crown Heights with a roughly $40.7 million loan, a deal that underscored lender interest in the company’s portfolio, according to Multi-Housing News. That refinancing, along with other transactions, helped the developer demonstrate the kind of track record and cash flow assumptions lenders want to see before backing ground-up construction in a higher-cost environment.
Industry observers say projects that pair new tax incentives with visible predevelopment work are among the ones most likely to line up construction financing in the current market.
What it means for Harlem
New construction in Harlem tends to spark plenty of neighborhood debate, and this project is unlikely to be an exception. The mix of market-rate units and permanently affordable apartments is intended to widen the range of housing options in the area. “This new development represents our commitment to tackling the housing crisis while creating beautiful and quality homes for our tenants,” Haussmann principal Josef Goodman said in a statement to Commercial Observer.
With the construction loan secured, attention from neighbors and local officials is expected to shift to the permitting process and hiring plans as the project moves toward a likely 2027 completion.
