The Real Deal New York

From matzo to millennials? Streit’s LES factory to go condo

New owner Cogswell Realty files plan for 45 units

December 15, 2015 06:05PM
By E.B. Solomont


Streit’s factory in the early 1990s and today

The former Streit’s matzo factory appears to be heading the way of so many New York institutions these days: toward a condominium conversion.

Midtown East-based Cogswell Realty, which paid $31 million for the Lower East Side property this year, filed tentative plans to bring 45 condo units to 150 Rivington Street, according to filings with the Attorney General’s office.

According to the AG, Cogswell filed a “CPS-1” application, dated Dec. 3, which allows developers to “test the market” before officially filing a condo offering plan.

In addition to the 45 residential units, the project would have a commercial condo and 26 storage units. Representatives from Cogswell, led by Arthur Stern, couldn’t immediately be reached.

Cogswell closed on the site, located on the corner of Suffolk Street, in May. The property, which measures roughly 50,000 square feet, was listed multiple times in recent years. It was most recently offered for $25 million in 2008, but it was taken off the market.

The Streit family re-listed the factory in 2009. The facility, which reportedly produced 2.5 million pounds of matzos, closed its doors this year after Cogswell closed on the sale.

To date, the developer has not filed an application for a residential conversion with the Department of Buildings.

But Cogswell applied for permits to demolish the upper floors of 150 Rivington in October, to make way for 10,000 square feet of retail space at the site.

Other condo projects nearby include developer Ben Shaoul’s project at 196 Orchard Street, which is adjacent to Katz’s Deli, and Adam America Real Estate and partners’ condo project at 100 Norfolk Street.