What’s a condo developer to do when a pandemic injects uncertainty into the market? One decided to go bigger in a neighborhood already inundated with residential projects.
Ascent Development has secured $48.2 million in new loans to construct a 130-unit condo building in Long Island City, according to financial documents recorded Monday.
That’s 30 percent more apartments than when Ascent first filed plans for the building in 2019.
“During the pandemic when everything slowed and financing became harder to find, we went back to the drawing board and added more units,” said Ascent principal Tien Vominh. The developer also added five floors to what had been a 20-story project.