This project has been in the works for a long while so it’s timing on coming to market with so much other product is just the luck of the draw.
It’s not clear what their original purchase price was for the old Cannon Equipment site but given the requisite brownfield cleanup I would suspect it was good. That should allow them to weather the current saturated market.
It’s worth revisiting the estimate noted at the ULI conference last fall that “it could easily take five years to reach anything close to full lease-up.” That means every other project that comes to market extends that time frame. Short of an unprecedented demographic influx of renters to downtown there’s going to be room to grow for a while.
If there is a silver lining here it’s that anyone coming into the market will need to provide a better price point or more unique product because more of the same isn’t going to cut it. So, hopefully, in a couple years maybe we will see some really interesting and creative residential solutions. https://weburbanist.com/2013/09/04/zaha-hadids-apartment-block-overlooking-nyc-high-line/