The Penny

Haussmann Development broke ground on 16-20 Convent Avenue in May 2026 and will complete the project by the start of 2028. The site, which sits in an Opportunity Zone, occupies a transit-oriented corner in the Manhattanville neighborhood near Columbia’s growing campus. The project will feature 84 units, built pursuant to New York’s 485-x tax abatement program, providing long-term tax benefits while delivering permanently affordable housing. In addition, the project will utilize the Universal Affordable Preference (UAP) density bonus, enabling increased residential capacity in exchange for deeper affordability.