Some sad but not surprising news coming out of the Lower East Side this morning.
BoweryBoogie has an exclusive that the Streit's Matzo Factory, which has anchored the corner of Rivington and Suffolk since 1925, is in contract, and will close at the conclusion of this year's Passover baking season.
The fifth-generation family members broke the news to employees yesterday.
The dispatch comes via filmmaker Michael Levine, who has spent a better part of two years at the factory for his upcoming documentary,
"Streit’s Matzo and the American Dream."
Per Levine at BoweryBoogie:
I personally know that this was an agonizing decision for the Streit family, who despite their many challenges, were determined to keep the factory and its workers employed onsite, even as the phone rang daily with offers from developers clamoring to purchase the valuable real estate. I watched as they turned down offer after offer, until the challenges of maintaining a manufacturing business in a drastically changing Lower East Side, as well as the pressures of increased foreign competition, left the company no alternative but to accept.
News of a possible sale surfaced back in December 2007,
when Curbed reported that the space hit the market for $25 million.
As Curbed noted at the time:
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 ... 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.
There's no word just yet on who the new owner is (Ben Shaoul is always a good guess).
As for Streit's, the family hopes to "find a new home for the factory and as many of their workers as possible, though no site has been chosen."
Read the whole BoweryBoogie post
here.