But building more condos does not guarantee that people will buy them — at least not right away.
“We don’t see enough absorption in the market to start sales this year,” said Vominh. “We’re basically writing off the rest of 2021.”
Condo developers aim to start sales at a point when they will be strong enough to motivate prospective buyers to act quickly.
Vominh expects sales to begin in 2022 and units to be delivered in 2023. Los Angeles-based Preferred Bank is the lender and Marvel Architects is the architect of record.
Tom Zhidong Wu of development firm ZD Jasper co-signed the construction loans although Wu is not a typical development partner on the project, according to Vominh, who declined to elaborate. ZD Japser’s website says Wu moved to New York in 1991 and founded a computer company that sells and services PCs in the tri-state area. Wu’s firm referred questions to Ascent.