I never said Fred or Bijan are broke, far from it.
This will take 18-24 months before they break ground and by then the market may have changed
You did say the Mondrian was "not a success" but I am curious as to what you are basing your comment on? Looking at the information I have available to me as of May they had 72 out of 96 units sold. Out of the 24 unsold units 4 are the ground floor units and 8 are studios (low grossing $). Up to now most of the inventory they have sold has been close in price per sq/ft to the Era which a more expensive building to build both from design and quality perspectives. At the Mondrian they employed a lot of cost saving measures ((small windows, self-condensing laundry units (no sheet metal for venting, no 220v outlet), low end appliances, basic building design, etc.)) I would actually argue that the Mondrian has been a sleeper success. Built on a budget but achieved per sq/ft prices of more expensive to build products.