Streit's Matzo Factory Back Up For Sale on LES - NBC New York

Streit's Matzo Factory Back Up For Sale on LES

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    NEWSLETTERS

    Streit's Matzo Factory Back Up For Sale on LES

    Less than two months after it was pulled from the market after not selling at its $25 million asking price for over a year, the listing for the iconic (but certainly not landmarked) Streit's Matzo Factory on Rivington Street on the good old Lower East Side has resurfaced.

    New brokerage, replacing Massey-Knackal: Halstead!

    New asking price, replacing $25 million: er, $25 million! Consistency may be a virtue, but here it strikes us as a little loony.

    Reads the new Halstead listing prose:

    PRIME DEVELOPMENT/USER OPPORTUNITY
    A package of four conjoined former tenement buildings that have been converted into a factory for the Streit's Matzo Bakery. Baked goods are manufactured and packaged in the building and shipped to local and world-wide markets. The goods are also sold in the corner ground-floor retail store. The buildings were converted in 1925 and the bakery operation has been in the neighborhood for more than 80 years. The owners are in the process of relocating the business, and will vacate in one year after the building is sold. All the buildings are interconnected. The size of the property makes it a prime residential conversion opportunity; a developer can have stores on the ground floor and different-sized apartments above. The corner exposure would give the apartments lots of sunlight in a great location. The property is also a prime user opportunity; the ground floor can be good for a gallery and the upper floors be used for community facility. Community Facility can be a boys and girls club, a health center or an arts school.

    So, thoughts on what price would actually get a deal done for this place?

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