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Streit's Has $25M+ Offer, Building Likely Coming Down

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We're still a little verklempt over the fact that the Streit's matzo company is leaving the Lower East Side after over 80 years in the baking business, and we may not get the necessary time to come to terms with the jaw-dropping news. Jeremiah's Vanishing New York points us to a Jewish Week story on Streit's, and it is revealed that there is an offer above the $25 million asking price already on the table for the Streit's factory at the corner of Rivington and Suffolk Streets. According to Massey Knakal broker Michael DeCheser, the 47,000-square-foot property will most likely be torn down and converted to luxury condos. Eek. The Streit family, who still plan on keeping the business in the old factory for 12-18 months after the sale, may build a new facility in New Jersey, which would make them the first Jewish exiles of New York to not retire to Florida.
· Streit’s Leaving Lower East Side [Jewish Week via J'sVNY]
· EXCLUSIVE: Streit's Matzo Leaving LES, Wants $25M for Building [Curbed]