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March 11, 2009

Checking In On The Satori

satori-0309.jpg
Like many new developments these days, listings aren't exactly flying off the shelf at The Satori, the 34-unit condo at 340 Bond Street in Gowanus. According to the broker, two units are sold and another six have contracts pending; according to StreetEasy, 26 are still available. On the plus side, we hear that open house traffic has been good. It sounds to us like all that's needed here are some price cuts. Most of the units—which are listed for an average of about $600 per foot—have never been reduced.
The Satori [The Developers Group] GMAP
Price Cuts at the Satori [Brownstoner]
Satori Condos Get the Chop [Brownstoner]
Development Watch: 340 Bond Street [Brownstoner]




Posted by Brownstoner at 10:59 AM | Comments (22)
Categories: Condos, Gowanus

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Comments

Lousy block. Absurd layouts. Laughable prices.

Posted by: SnarkSlope at March 11, 2009 11:02 AM

i really like the facade. but 400k for a 400sf basement studio is crazy.

Posted by: bowl of dicks at March 11, 2009 11:12 AM

the pricing is delusional. It's in line with prime Park Slope condos in the prized PS 321 zone. What are they thinking?

Posted by: Maly at March 11, 2009 11:28 AM

Yeah, I really like the facade too... but the location is a real drag. There are so many other apartments at a similar or lower price available.

Posted by: Polemicist at March 11, 2009 11:32 AM

Why do you say priced same as prime park slope?
here is said priced average of $600sq ft.
Earlier thread today about new 4th avenue bldg (which is less than prime PS) priced at $700 sq ft..and that thread says that is $700 sq ft price is a little better than 2 other 4th avenue bldgs but higher than Novo.

So would seem to me Santori prices are not at as high as not prime park slope.

Posted by: Petebklyn at March 11, 2009 11:37 AM

love the facade and the interiors. Why is this a lousy block, snarkslope?

Posted by: bxgrl at March 11, 2009 11:42 AM

it's deep into that no mans land of gowanus. surrounded by desolate dead end streets. and if i remember correctly, very poor street lighting at night. bxgrl you should google streetview it.

Posted by: bowl of dicks at March 11, 2009 11:48 AM

> "Why is this a lousy block, snarkslope?"

It strikes me as a high price for such an industrial wasteland of a block. I walked by there last weekend as I have been meaning to check this place out. I like the facade, but the location is not doing it for me. I can't see paying glitzy prices for gritty locations.

Posted by: SnarkSlope at March 11, 2009 11:52 AM

"deep into that no mans land of gowanus" ?? it is 2 blocks from Smith st and the entrance to Carroll St subway station. 1 block outside Carroll Gardens historic district.
Industrial looking street, yes, for sure. But that kinda 'vibe' has a appeal obviously to some (as development of Dumbo, streets over on other side of BQE, etc, etc, etc)-
and just around corner on same block is quite residential.
Also not that far a walk to 5th avenue park slope restaurant and shops.
Yet, the facing of the building I'm not so sure will stand up to weather. And one needs to like that scarano steep stair mezzanine thing.

Posted by: Petebklyn at March 11, 2009 11:56 AM

The price per square ft is artificially lowered by the inclusion of 5ft high "storage" mezzanine. There are plenty of condos listed in prime Park Slope, at comparable prices. Why would you buy in Gowanus, in a new Scarano-designed development, when you can buy a functionally similar apartment in prime Park Slope?
If you do a search for 2 bedroom condos in Park Slope, it says the average price per square foot is $738 at list. However, the apartments in Park Slope give you the space under your feet, not above your head.

Posted by: Maly at March 11, 2009 12:03 PM

I'd say this most definitely is carroll gardens, bond street is the bunting line.

Posted by: stuntmanmike at March 11, 2009 12:43 PM

The Satori sits on the corner of Bond and Carroll. Across from it on Bond is a huge, brand new car service center, windowless, bland and blocky. Catty-corner is a new EMS station. Across from it on Carroll is an ill-kept housing project of some kind, surrounded by crabgrass and a rickety chain-link fence. None of these structures are going anywhere. To add to the charm, about half a block up is the Carroll Gardens Monstrosity, in construction limbo lo these many years.

It sits half a block from the canal, and all those blocks between Bond and the canal are either industrial or abandoned.

I suppose there are worse sites for luxury condos....

Posted by: Brooklyn Chicken at March 11, 2009 1:17 PM

> "I suppose there are worse sites for luxury condos...."

True enough. I hear Toll Brothers has a bid on the Chernobyl site.

Posted by: SnarkSlope at March 11, 2009 1:29 PM

visually, the location isn't much to look at, but it is only two blocks off of smith. that said-- yuck! i went to the open house a few weeks ago and was unimpressed. aside from the sketchy "storage areas" that they claim can be made into an additional bedroom or office (even if you pulled out the platform in several units you wouldn't have been able to stand in there if you were over 5ft tall). the bathrooms are also awful. there are some units where the bedroom ceiling must be 20 ft high-- fine except how do you cover those windows? and the floors in nearly ever unit were coated with dust and dirt--you could see that you would be constantly cleaning them. all of this is the exception of the model unit which is, of course, the most functional. if they had only made all of the units that way...i sense they'll be able to sell the ones that have some sort of rational layout and the others will fester.

Posted by: ms_boerum at March 11, 2009 1:50 PM

I think Brooklyn Chicken AND Petebrklyn are both right - it is either a horrible location or a great one - it sort of depends on what happens with sales of this project and a couple of others nearby....but I think the distinction is that while 4 years ago, you payed an almost identical price for an "up and coming" area and a more "arrived" one - in today's environment buyers expect to pay LESS; because there is no guarantee that that 5 years from now the area will be any different (or "better" in RE language)

Posted by: fsrg at March 11, 2009 1:56 PM

This the kind of development that should be priced 30% below comparable units elsewhere. It is not unsafe (though who knows about the impact of toxic site across the way). It is likely to be nice place in 20 years -- and should have been priced accordingly.

Posted by: BH76 at March 11, 2009 2:01 PM

The "ill-kept housing project of some kind" is not so accurate. Its one of the city's best senior housing projects, a public private partnership thats a model for elderly housing (http://www.ccbq.org/1000%20unit%20preservation.htm) That being said, they could fix the fence...

I live around the corner and the proximity to smith street and park slope and clubs like the Bell House make it a great location, even if bond street is not so attractive (irrespective of the satori prices.)

Posted by: wjcohen at March 11, 2009 2:30 PM

Why is is that when we're talking about Gowanus, it's seedy and ugly, but when it's Williamsburg it's the coolest shit around?

This block looks JUST LIKE 75% of blocks in Williamsburg.

And that area seems pretty desirable.

Unlike Williamsburg though, this area isn't isolated and is within walking distance to 10 great neighborhoods.

Posted by: 11217 at March 11, 2009 2:46 PM

Snap.

Posted by: SnarkSlope at March 11, 2009 3:10 PM

Because of where it's situated, the area, while not the most attractive, will probably not go downhill. There's a nice neighborhood feel even on Bond. As for the development itself, I was mystified as to why they didn't put in bigger windows. At lest they finished the project correctly as opposed to that other disaster on Carroll nearer Hoyt.

Posted by: nk at March 11, 2009 3:54 PM

"contracts pending"

Oh my God! They accepted! Oh no! Should I sign? Oh...oh...oh...!!! [think 'Office Space' when the shrink died]

[Reads Times article and posts a 'To Sign Or Not to Sign' thread in the brownstoner forum]

***Bid half off peak comps***

Posted by: Brownstones Half Off at March 11, 2009 4:06 PM

In my book, the biggest drawback about Gowanus as far as buying a fancy new place is concerned is the fact that it wouldn't take much of a storm to flood out the neighborhood. A block or two up either slope would make a huge difference. I love living and working down here, but when it comes to buying I"m going to head to higher ground.

Posted by: gowanusite at March 11, 2009 8:08 PM

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