Haussmann signs $40.8M construction loan with AmFirst for 84-unit project in Harlem

Haussmann Development through the entity 16 Convent LLC as borrower signed a new construction loan with lender AmFirst Life Insurance Company through the entity Amfirst Life Insurance Company I.I., For The valued at $40.8 million for the industrial building (G7) at 16 Convent Avenue in Harlem, Manhattan.

On the lot, there is one active new building construction project, M01274493, for a 84-unit, 65,170 square-foot residential (R-2) building. The project was submitted by Haussmann Development and filed by Josef Goodman with plans filed September 12, 2025 and permitted May 1, 2026.
The deal closed on May 7, 2026 and was recorded on May 15, 2026. The property has zero square feet of built space and 30,528 square feet of additional air rights for a total buildable of 30,528 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $N/A and the price per buildable square foot is $1,334 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on May 7, 2025, for $7.5 million. The signatory for Haussmann Development was Josef Goodman . The loan as an investment is being managed by Axonic Capital.

The property

The parcel has frontage of 84 feet and is 90 feet deep with a total lot size of 7,632 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.4 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $4,600 in OATH penalties in the last year.

The neighborhood

In Harlem, The bulk, or 43 percent of the 81.1 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 30 percent of the space. In sales, Harlem has 2.4 times the average sales volume among other neighborhoods with $837.7 million in sales volume in the last two years and is the 14th highest in Manhattan. For development, Harlem has 2.3 times the average amount of major developments relative to other neighborhoods and is the 10th highest in Manhattan. It had 3.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of nine of the 26 commercial properties representing 460,788 square feet of the 604,370 square feet. The largest owner is Janus Property Company, followed by Empire Hotel Group and then West Harlem Group Associates.
On the tax block, there was one new building construction project filed totaling 65,170 square feet. It is a 84-unit, 65,170 square-foot residential (R-2) building submitted by Haussmann Development and filed by Josef Goodman with plans filed September 12, 2025 and permitted May 1, 2026.

The majority, or 51 percent of the 604,370 square feet of built space are office buildings, with industrial buildings next occupying 25 percent of the space.

The borrower

The PincusCo database currently indicates that Haussmann Development owned at least four commercial properties with 130 residential units in New York City with 36,822 square feet and a PincusCo-determined asset value of $90.3 million. The portfolio has $74.3 million in debt, with top three lenders as Barings, Greystone & Co., and Urban Standard Capital respectively. Within the portfolio, the bulk, or 91 percent of the 36,822 square feet of built space are industrial properties, with development properties next occupying 8 percent of the space. The bulk, or 91 percent of the built space, is in Brooklyn, with Manhattan next at 8 percent of the space.

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