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EXCLUSIVE: Streit's Matzo Leaving LES, Wants $25M for Building

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Through all the Lower East Side has been through over the years, including the recent wave of gentrification and construction, the Streit's factory on the corner of Rivington and Suffolk Streets has been a fixture of matzo-baking consistency. No longer. Three weeks ago, 148-154 Rivington Street?the home of Streit's since 1925?was put on the market by Massey Knakal for $25 million. The matzo business itself is moving, and the 104' x 100' lot is free to be converted or (ack!) torn down by whatever developer is lucky enough to snag it. MK's Philip Huang and Michael F. DeCheser have the listing, and from what we hear, conversion will be very difficult due to the state of the 47,500-square-foot building's interior. With a "community facility bonus," a new structure could be built up to 67,600 square feet. Streit's will stay in the building for another year, but after that, it is unclear where the operation will move. Certainly, this is the end of an era.
· Listing: 148-154 Rivington Street [Massey Knakal; warning: PDF]