NEW YORK CITY — Haussmann Development has obtained a construction loan for approximately $40.8 million and broken ground on an 84-unit building at 16-20 Convent Ave. in North Manhattan. Affinius Capital provided the construction loan in partnership with Axonic Capital. The building will include ground-floor community space that will serve as the third location of Little Legacy Village, the childcare practice that Haussmann co-founded. Completion of the ground-up Opportunity Zone project is slated for early 2028.
The project will include an unspecified number of permanently affordable units. It is being developed under New York City’s 485-x tax abatement program and will use the Universal Affordability Preference density bonus, both of which require income-restricted housing. Affordable unit counts or rent restrictions were not disclosed. NDKazalas Architecture is the architect.