Haussmann Development today announced the closing of a $40,750,000 construction loan with Affinius Capital LLC in partnership with Axonic Capital LLC, to finance the ground-up development of an 84-unit multifamily residential building at 16–20 Convent Avenue in Northern Manhattan.
The Opportunity Zone site, situated in the Manhattanville neighborhood adjacent to Columbia University’s expanding campus, will deliver a high-quality mixed-income rental building designed to meet growing demand for housing in one of Manhattan’s most rapidly evolving submarkets.
“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. As long-term holders deeply committed to this neighborhood, we are also pleased that our investment partners will benefit from the federal Opportunity Zone program.”
Affinius Capital Co-Head of Debt Originations David Greenburg commented, “This transaction represents a compelling opportunity to finance ground-up multifamily development in one of Upper Manhattan’s most dynamic submarkets. Future residents will enjoy direct access to Columbia University, City College of New York, major transit corridors, and the green spaces of St. Nicholas and Morningside Parks — a combination of amenities that is difficult to replicate. We look forward to partnering with Haussmann Development on our first transaction together and seeing the project realized.”
Designed by Astoria-based NDKazalas Architecture PC, the project will be developed pursuant to New York City’s 485-x tax abatement program, providing long-term tax benefits while delivering permanently affordable housing units. The project will also utilize the Universal Affordability Preference (UAP) density bonus, enabling increased residential capacity in exchange for deeper affordability.
“We are proud to partner with Affinius Capital and Axonic Capital on this important milestone,” said Jake Sokol of Haussmann Development. “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.”
Affinius Capital, a leading real estate investment manager with a strong track record of financing development projects across major U.S. markets, provided the construction loan to support the project through completion.
16–20 Convent Avenue represents Haussmann’s fifth project in Northern Manhattan and its second collaboration with Press Builders as general contractor. The building will include ground-floor community facility space that will serve as the third location of Little Legacy Village, the childcare practice Haussmann co-founded to bring high-quality early childhood education to New York City communities. Completion is anticipated in early 2028.
About Haussmann Development
Haussmann Development is a New York City-based real estate developer, owner, and operator specializing in ground-up multifamily housing across market-rate, mixed-income, and fully affordable projects. The firm’s portfolio spans Manhattan, Brooklyn, and Queens. In addition to 16–20 Convent Avenue, Haussmann recently completed The Eve, a 76-unit multifamily building in Crown Heights, Brooklyn, and Arris Grand, a 113-unit mixed-use building in Clinton Hill, Brooklyn. The firm is also expecting to break ground imminently on a 260-unit, 100% affordable development in Jamaica, Queens — further cementing its position as one of New York City’s most active and entrepreneurial multifamily developers.
About Affinius Capital LLC
Affinius Capital® is an integrated institutional real estate investment firm focused on value-creation and income generation. With a 40-year track record and $61 billion in assets under management, Affinius has a diversified portfolio across North America and Europe providing both equity and credit to its trusted partners and on behalf of its institutional clients globally. For more information, visit www.affiniuscapital.com.
About Axonic Capital
Founded in 2010, Axonic Capital is a New York-based alternative investment manager with $8 billion in assets under management. The firm has deep expertise in structured credit, commercial and residential real estate debt and equity, and systematic fixed income. Axonic’s flexible capital base includes private limited partnerships, separate accounts, insurance company mandates, and publicly listed fund structures. For additional information, visit axoniccap.com