Satori Developers Try for a Mulligan

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The folks who brought you The Satori at 342 Bond Street in Gowanus changed marketing teams this week, switching from The Developers Group to Corcoran. While we suppose there’s no harm in trying something new when you’re not getting any traction, we doubt the 34-unit development’s problems have much to do with which broker is pitching its listings. We didn’t have the time or the historic data to figure out whether the switcheroo was accompanied by some significant price cuts, which seems like the far more important element in getting some of these things sold. When we checked in a month ago, there were only two units in contract and another six with contracts pending; as of today, there are 28 27 units for sale with Corcoran, suggesting that at least two of those pending contracts didn’t go through.
The Satori Listings [Corcoran] GMAP
Checking In On The Satori [Brownstoner]
Price Cuts at the Satori [Brownstoner]
Satori Condos Get the Chop [Brownstoner]
Development Watch: 340 Bond Street [Brownstoner]

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  • Corcoran needs to do what they do best. They need to actually RAISE the price. Even in this market they need to uphold their rep as having the most unrealistically overinflated, unrealistic pricing.

    And please Corcoran, call it Carroll Gardens, even though you can throw pebbles in the Gowanus from the roof.

    Rentals by September.

  • The prices look exactly spot on from what The Developers Group was asking, I always remembered the most expensive one was 805k.

  • prices need to come down
    also – get some better pics
    I don’t care to see a zoom-in on the faucet for crissakes!

  • Hey Brownstoner, I think it’s 27 units available if you want to update your story, not 28; the 630 Union St listing in the middle of that page on the Corcoran site you link to is not at Satori. My understanding is that there were 6 or 7 signed contracts with another 4 or 5 offers accepted at this point. They need 50% or 18 to begin closings, I believe. The # of Ks they have signed now lets them declare their condo plan effective, and they are hoping to get their C of O by the 15th.
    I agree they need some price cutting, to the top and bottom floor units, based on what I’ve seen recently on the market – something I relayed to TDG a couple of times, with my comp evidence. I think that’s only a matter of time, and it may be that while they haven’t lowered ther prices any further officially, they may be getting more flexible in their negotiations. Some of the comps I sent them had been holding out at higher levels for a much longer time (11/07) before getting very ‘real.’

    The units are pretty damn nice inside, IMO, after looking at just about 30 buildings in Brooklyn and LIC during my search. I think your exterior shot used in the story is very flattering, especially with the trees now in bloom.

    I’d be interested to see how how their sales compares with other new Brooklyn development on sale for roughly the same length of time – given the market, I think Satori isn’t doing that badly right now.

  • Gee – maybe if they pitched it as having world class views of a superfund site…d’ya think?

  • Everyone knows the canal is dirty; I would think if the EPA actually gets it added to the list of national priority sites (just a proposal at this point) that means it will be getting cleaned up – a plus as far as anyone considering living in the area is concerned, no?

    The views from the roof are pretty cool, since there is nothing high rise in the immediate vicinity. You can see a long way to the east across the Park, downtown Bklyn, lower Manhattan…I know, the canal ain’t exactly pretty.

  • It not only be near a soon-to-be Superfund site full up with dragons and the floating corpses of poisoned leviathans, it’s near “multiple” subway lines, by which I mean both the F and the G! Oh, and a bleak ten to fifteen minute walk through desolate lands across yond canal to the M,R–depending on how hard the winds be blowing. Arrgggh. And they’d best be praying that Fresh Direct delivers vittles to that blasted landscape.

  • Am I wrong but isn’t this a Scarano mezzanine fiasco as well?

  • aarhh, terrifyin’ ain’t it – and ye forgot to mention the minions of doom that be inhabitin’ the nearby wastelands of Smith and Court Sts…poor, wretched souls.

  • Ben Gazi

    Scarano has been seen partaking of the Waters of the Canal.
    A true mystical experience.
    Ah Satoti…

  • “aarhh, terrifyin’ ain’t it – and ye forgot to mention the minions of doom that be inhabitin’ the nearby wastelands of Smith and Court Sts…poor, wretched souls.”

    -Hardly- close. Plain and simple.

    “Johny0299″ these look to be your 1st posts here on Brownstoner. Any chance 0299 is your phone extension at Corocran?

  • Really? Not close? Seemed like about a 4 min walk Smith to me…or did you mean not comparable? I think Ragincajun was being sarcastic, I was just trying to continue that theme. Sorry if I have offended, I was not trying to say that Smith is the same as Bond, just that I think some posts have given the area around the buiding a bad rap. Those aren’t necessarily unfair opinions to have, just trying to share another view. Yes – these are my first posts, no I’m not with corcoran nor am I a broker – just a buyer, so I certainly DO have a bias, though my subjective opinions are clearly (I would have thought) just that; I won’t try to disguise them as facts.

  • rajin -

    i could care less about this development, but it’s definitely more like a 5 minute walk to the m/r. i used to live in PS on a name street between 4th + 5th avenues, and i could walk to the carroll street F train in 12 minutes. i did it frequently. if the canal wasn’t such a horror, i’d say that this is a very convenient location. you have smith and 5th as options to do stuff.

  • Wine lover,
    I’m short … and from the South. I’m a slow walker. :)

  • Havemeyer

    The square footage for the money makes it look sort of interesting. Better than the Crest, anyways. But hard to tell with no floor plans — am assuming half of the space is “mezzanine storage” and the other half is radon-filled underground chambers.

  • Heather, haven’t seen any radon-filled chambers there, but I do have a bunch of floor plans that the Developers Group people sent me a while back. If anyone wants to see them, let me know and I’ll forward to your e-mail. Agree that the corcoran people need to get their act together with floorplans, photos, and open house schedule. I know they are planning a “launch” (re-launch?) on the 23rd.

    I guess I walk between tybur6 speed and ragincajun’s – takes me 7 or 8 minutes to walk from that spot to the Union Street ‘R’ station.

  • My wife and I actually went to an open house a couple months ago. The agent said that the mezzanines with the built up floor ( 2′ high cheap construction boxes ) could be removed after you moved in, but if you wanted to resell, you had to add the higher floors back in. Personally I found the positioning of windows to be difficult to fully drape and the stairs between the 2 floors extremely hazardous being narrow and steep ( I would never want my kids running up and down those ). The Developers Group used to have floor plans on their site as well as some better photos, but all of the photos were only of the one show unit.

    In addition the Satori is pretty close to the F/G.

  • Only two unit in contract. That tells you something already. I bet this building will go rental, unless the prices are reduce alot and I mean alot. I don’t think they are alot of people willing to pay high prices to live in that neighborhood when you can get something in a beautiful neighborhood.