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November 20, 2008

Price Cuts at the Satori

satori-1108.jpgThe Japanese-inspired Boerum Hill condo Satori, at 340 Bond, is hopping on the price chop bandwagon. According to The Developers Group, asking prices have dropped 10 to 20 percent throughout the building. The model apartment, C-2A, went from $585,000 to $499,000. C2-C, a studio, went from $470,000 to $385,000. Enough to pique your interest out there? Looks from their Web site that not a one has sold.




Posted by lisa at 10:15 AM | Comments (18)
Categories: Boerum Hill, Price Cuts

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Comments

Ohio gozaimus.

Whenever anyone designs a building in Japanese style it surely is the top of a bubble.

Posted by: daveinbedstuy at November 20, 2008 10:43 AM

It is going to be fun to be a renter in the next few years so much to chose from. And not your usual lame rental kitchens either.

Posted by: billyboomer at November 20, 2008 10:52 AM

it's not going to be fun to be a renter when the only crap available for rent are these former super duper expensive condos. obviously the rents are going to be ridiculously high as well. im almost 32 and if in a few years im forced to having to go back to living like a psychotic version of the real world, ill just die.

*rob*

Posted by: PitbullNYC at November 20, 2008 11:10 AM

i was digging through craigslist today and even tho its November everything seemed kinda cheap in the park slope area.

this for example looked like it should be more. http://newyork.craigslist.org/brk/fee/926108329.html


as this satori building is kinda cool looking but I dont know how far that will get them.

Posted by: Santa at November 20, 2008 11:17 AM

"obviously the rents are going to be ridiculously high as well."

Why do you think that? Empty apartments generate no revenue.

Even if the actual month rent prices hold up, fees will get dropped or paid by owner, and there will be tons of "1st month free!" options which cuts the cost of 1 year rentals pretty significantly.

Posted by: northsloperenter at November 20, 2008 11:24 AM

*"actual monthly rental prices"

I can see I can't type today either...

Posted by: northsloperenter at November 20, 2008 11:26 AM

Wow, if you check the pics on their site (I looked at a duplex, one of the cheaper ones)... the stairs are so steep, it looks like a ladder. I don't know how that could be cleared by the building dept (unless "angle of stairs" isn't something that's regulated).
I could just see me falling down those things in the middle of the night.

Posted by: broadwayron at November 20, 2008 11:38 AM

Deflation=lower rents too

Posted by: fsrg at November 20, 2008 11:59 AM

I guess I sound like a broken record, but I still don't understand why developers expect people to pay 800 grand for a 2 BR in a building that is located in the middle of nowhere, next to a polluted canal. The closest ... anything ... is two avenue blocks away on Smith St. I'm not saying that's an insurmountable hike, but for 800 large, there are better options available.

Drop the price on the 2BRs to like $400k, and I'd start getting interested.

Posted by: cwbuecheler at November 20, 2008 12:15 PM

I used to walk past that place while it was under construction. The work site site was a big hole full of water for the longest time.

Posted by: liveandworkinbk at November 20, 2008 12:29 PM

I don't get apt 3e: go up those STEEP stairs to a landing with a storage area with 5' headroom AND a minuscule but full bath!

What gives? Can you sneak in a bedroom there somehow?

http://www.thedevelopersgroup.com/apartments/apartment.aspx?webid=14119

Posted by: cmu at November 20, 2008 1:12 PM

I don't get this place at all, makes me want to go and look. Why does a 2 bedroom have 3 baths? why does a 1 bedroom have 2 baths? Seems like kinda of a waste. And if you buy a condo for 749,000.00 they can't throw in $1000 washer/dryer? Is this standard in condos? Hello Rentals.

Posted by: billyboomer at November 20, 2008 1:41 PM

This is standard Scarano fare. Mezzanine level can't be called a bedroom but there is a bath up there. (At least in many of units). One mezzanine did have the short height - but I would venture to guess that you could rip plywood out and have full height --- He was trying to get around some sq footage issue and they made him make more like storage area.
I didn't think stairs were as steep as another example of his on Warren St off Smith.

Posted by: Petebklyn at November 20, 2008 4:01 PM

I agree completely with Petebklyn regarding the mezzanines/storage/ceiling heights. With regard to the steepness of the stairs, something funny is going on with the photographs, perhaps to get the floors and the high ceilings all in one shot. I do not think the stairs are as steep as the pictures make them look. And I'm not an architect, but step-to-riser ratio must be regulated in the building code.

Posted by: altervoce at November 20, 2008 6:52 PM

I wandered in there during an open house a few weeks ago and walked through several apartments on a few floors.

It's not just the steep stairs (and they are very steep) and the low height mezzanine. It's the front windows that look out on the car service place and the back that looks into a small shaded enclosed courtyard. It's the very high ceilings relative to the room size - way taller than wide/deep - that make the rooms appear even smaller, it's the flashy kitchens that take up too much space relative to the size of the living area and some odd layouts.

The entire building was open and under construction. Finish materials (appliances/cabinets/counters) were installed in apartments where rough construction was still going on, the rough construction was sloppy, the finish was sloppy (picture door casing notched for a wall switch that was installed too close to the door). If there was a model apartment, I didn't see it. It was a sunny afternoon and most of the rooms seemed dark. The exterior was also sloppy in places and gave the appearance of being high maintenance. The pricing seemed silly.

On the plus side there seemed to be good closet space.

Posted by: jfss at November 20, 2008 10:35 PM

Well, damn, there's an endorsement!

Posted by: altervoce at November 21, 2008 8:32 AM

I walk my dog past this building and I can't believe they are having open houses. Nothing looks finished... someone else pointed out that there are finish materials everywhere. I would be embarrased to show this place as is without offering a buyer an "early bird" deal. Not to mention that the surroundings are not terribly hospitable.

Posted by: iheartbk at November 21, 2008 2:29 PM

i did an open house and straight out asked the broker {nice black english guy clearly out of his depth}. what was up with the clear violations of nyc building code about the "bedroom " with the steep stairs... he reassured me that "everyone will tear out the platform" meaning that everyone will violate the temporary certificate of occupancy... i would steer away from this place..it looks like years of litigation will be the order of the day

Posted by: eman1234 at November 30, 2008 11:11 PM

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