Though a newspaper reported last year that the Lower East Side's iconic Streit's matzo factory on Rivington and Suffolk Street had an offer above its $25 million asking price, the property has now been pulled from the market after failing to sell. Massey Knakal's Robert Knakal (MK was listing the 47,000-square-foot property) tells Curbed:
The Streit's transaction would have been a complicated one in any market. There are several decision makers and the property cannot be vacated without the operation moving to a new facility. Those hurdles in conjunction with an evaporating development financing market created motivation to remove the property from the market.Note: No first-born sons were harmed in the saving of the Streit's matzo factory. In related Robert Knakal news, his latest Chairman's Commentary on the Massey Knakal blog boasts this grim revelation: "The sales volume of investment properties in New York City in the under $100,000,000 market is approaching its all-time low level."
· Curbed's Streit's coverage [Curbed]