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

New owner Cogswell Realty files plan for 45 units

TRD New York /
Dec.December 15, 2015 06:05 PM

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.

Related Articles

261 Broome Street (Credit: iStock and Google Maps)

Tenant’s lawsuit: “Roaches swarmed my bagel!”

From left: 249 Broome Street, 135-145 West Kingsbridge Road, and 1975 Madison Avenue with Azimuth Development Group president Guido Subotovsky (Credit: Google Maps)

Here’s what the $10M-$30M NYC investment sales market looked like last week

The Lower East Side’s New Museum could get a $38M expansion

Lower East Side residents sue city to stop controversial Two Bridges development

After rejected air rights sale, Ascend Group changes plans for LES site

Listing from Hell? Infamous biker gang selling LES clubhouse

A micro-unit development is coming to
11 Essex Street

Blue Man Group sees green in Opp Zone