Matzo No More: Lower East Side Gentrification Strikes Again

150 Rivington

For nearly a century, 150 Rivington Street has been the home of Streit’s matzo factory. However, times have changed on the Lower East Side since 1925, and a combination of rising prices and the inconvenience of operating a factory in Manhattan has finally forced the family-owned company to relocate. 

Closing their doors shortly after Passover, the old building has since been demolished. Speculation says that the Streit family plans on crossing the Hudson and opening their new factory in New Jersey, but the family has not given a definite answer about their relocation. Regardless of where Streit’s chooses to go, the one thing that is certain is the fate of the factory. Where there once was matzo, will be 45 brand-new luxury condominiums.

Cogswell Realty took the property off of the Streit family’s hands for a the price of $30.5 million, and then handed it over to their own development firm, in a partnership with Gluck+ architecture firm. Renamed “150 Rivington”, eight of the 45 homes went up for sale early last week, though the building has just recently broke ground. The most expensive of the current listings is a $3.8 million 3-bedroom 3-bath penthouse, which will be one of four total penthouses in the building. Occupying the remaining 41 units will be a combination of one, two, and three bedroom homes.

A rendering of the private terrace at 150 Rivington.

While the welcoming of another high-end residence in the neighborhood is a celebratory matter for most, the departure of Streit’s serves as a sad loss for the Jewish community. With the moniker of the “Jewish Plymouth Rock”, the Lower East Side served as a haven for Jewish immigrants, who left their home countries for a fresh start in America. At its time of conception, Streit’s was one of many Jewish businesses in the area, but by the time it decided to leave the LES, it was one of the remaining few.

However, such is the circle of life, and every ending always brings a new beginning—so while there may not be many physical reminders of the LES’s past, it will certainly not be forgotten, and the fresh start is sure to be a great thing for the neighborhood’s infrastructure.