The Streit’s Matzo Factory was Acquired for $30.5M

Posted on: May 11th, 2015 at 12:48 pm by
This image has been archived or removed.

The deal is done.

Streit’s Matzo officially unloaded its historic 90-year-old factory on Rivington Street for a hefty $30.5 million, according to the deed filed with the city today. The buyer is none other than Cogswell Realty, a midtown-based real estate firm that specializes in “flying under the radar” with its property acquisitions. Ergo, expect some massive development here.

We first broke news that Streit’s was cashing out back in January when the two parties officially entered into contract. Contract was officially signed on April 30. The sale had less to do with the pressures of gentrification, we’re told, and more to do with competing in the current economic climate.  Running the tenement factory is no longer economically feasible in the current location (i.e. archane equipment not easily serviceable, the changing business).

So, Streit’s will likely cross the river into New Jersey later this summer where the company maintains a presence.

The tenements – together comprising some 50,000 square-feet – had been shopped around for the better part of the last decade. Asking price was usually in the neighborhood of $25 million.

This image has been archived or removed.

The packaging machine

Since 1925, the Streit’s Matzo factory has stood at 148-154 Rivington Street on New York’s Lower East Side. Here, in four, low-slung brick tenement buildings, five generations of the Streit family, and as many generations of factory workers, devoted their lives to the art of mixing flour and water, and sending these two simple ingredients through a seventy-three foot long oven to create sheets of matzo, the unleavened bread central to the Jewish holiday of Passover.

The last family-owned matzo factory in the United States, Streit’s has endured for nearly a century, continuing to produce 40 percent of the nation’s matzo using machinery as old as the business itself, and employing 60 workers, Jewish and non-Jewish alike, native New Yorkers and immigrants from around the world, all of whom found a livelihood and a second family behind these walls.

[h/t Real Deal]

Recent Stories

Borough President Implores Parks Commissioner to Address Community Concerns in Sara D. Roosevelt Park

Two stabbings within a twelve-hour period last weekend highlighted the decrepit, yet dangerous state of Sara D. Roosevelt Park. The violence apparently pushed Manhattan Borough President Gale Brewer to exert pressure on the Parks Department to address certain core issues. In a letter to Commissioner Gabrielle Fialkoff this week, Brewer identified two key concerns – […]

Loved Ones Crowdfunding for Grubhub Deliveryman Stabbed to Death on the LES

Loved ones have taken to online crowdfunding platform GoFundMe to help raise money for the Grubhub deliveryman stabbed to death in Sara D. Roosevelt Park last weekend. As reported, the incident transpired early Saturday morning near the Hester Playground in Sara D. Roosevelt Park. Surveillance footage shows that the attacker sat on the bench next […]

Coastal Resiliency Project Forces Lower East Side Ecology Center Compost Yard to Staten Island

The Lower East Side Ecology Center has its walking papers. The local nonprofit is amidst a move, relocating the East River compost yard it called home for the last two decades. Over the last week or so, the 22-year-old compost yard was dismantled, as the East Side Coastal Resilience Project is set to break ground […]

‘Citi Bites’ Takes Hell Square Corner

Another fast food option is coming to Hell Square. Citi Bites, not Citi Bikes, is described as a “modern deli,” this month signed a lease for the 2,000 square-foot cornershop at 101 Stanton Street. It takes the place of the former Prema hair salon which closed earlier this year. The bodega business reportedly agreed to […]

Police Release Chilling Video in Murder of Delivery Worker in Sara D. Roosevelt Park

Police released chilling new surveillance video showing the approached the defenseless delivery worker, moments before allegedly murdering him and stealing the electronic bike on the Lower East Side. As reported, the incident transpired early Saturday morning near the Hester Playground in Sara D. Roosevelt Park. The footage shows the attacker sitting on the bench next […]