All Four Penthouse Units at 150 Rivington Are in Contract For Around $4 Million Each

150 rivington st.

Construction crews are starting to make some noticeable progress on the new seven-story condo project where the Streit’s Matzo Factory once stood at 150 Rivington St. And today, Stribling Marketing Associates, which is handling sales, announced that all four penthouse apartments are now in contact.

According to Streeteasy, those three-bedroom units ranged in price from $3.7 million to $4.3 million. There are 23 apartments listed online, seven of which are still available. The cheapest apartments in the building are priced at just over $1 million.

The Streit family sold the site for $30.5 million to Cogswell Lee Development. There are 45 apartments at 150 Rivington St.

The building is one of about a half dozen luxury condo projects now under construction on the Lower East Side. At 242 Broome St., part of the Essex Crossing complex, there’s a penthouse unit listed for $6.2 million. Another penthouse apartment in that building, however, is reportedly under contract for $5.2 million. At, 196 Orchard St., Ben Shaoul’s project next door to Katz’s Deli, there’s a three-bedroom unit on the ninth floor for $4.8 million.

In other words, you have many options.

Condo Developers Say They Hope To Respect Character of Streit’s Site

150 Rivington St. rendering by Gluck+ Architects.

150 Rivington St. rendering by Gluck+ Architects.

It’s tough to walk anywhere on the Lower East Side these days without running into construction barricades and passing under scaffolding. Buildings are popping up from one end of the neighborhood to the other. By our count, there are at least six new luxury condo developers actively marketing apartments. Recently we stopped by the sales office for one high profile project: the condominiums on the former site of the Streit’s Matzo Factory. Here’s what we were told by the development team.

After 90 years on the Lower East Side, the Streit family sold four adjacent tenements last year to Cogswell Lee Development for $30.5 million. We met with Arthur Stern, the firm’s CEO; architect Charlie Kaplan of Gluck+; and Millie Perry of Stribling Associates, the brokerage handling sales at 150 Rivington St.

They’re obviously very much aware that the Streit’s Matzo Factory was a beloved institution on the Lower East Side and that many longtime residents feel strong emotional ties to the site. “The character of the Lower East Side is important to us,” said Stern. Members of the Streit family struggled with their own powerful emotions about the old neighborhood before deciding to sell. Stern explained, “we worked very closely with the family. We’re still in contact with them. We’re going to their opening up in Rockland County when they open their new matzo factory.” Stern suggested that the development team intended to, “preserve the character of what was there (photos of the factory will be hung in the new lobby), at the same time realizing that things change.”

The old matzo factory building is now undergoing demolition.

The old matzo factory building is now undergoing demolition.

The change will be stark. The new seven story building will be glassy, interspersed with specially designed cast panels. Kaplan, a principal of Gluck+, said, “the whole facade looks like it’s shimmering in the breeze… (adding a) vibrancy that we think really fits in with the neighborhood in an interesting and new way.”

“We have been studying this neighborhood for some time,” said Kaplan. “What you find is that there’s just an amazing mix of different kinds of buildings from different periods that’s exciting. It goes hand-in-hand with the kind of business establishments that are here, restaurants and bars and galleries. There’s a real mix of things down here. In designing the building, we really wanted to pick up on that kind of vibrancy and eclectic quality.”

There will be 45 apartments at 150 Rivington when the building opens in the first part of 2018. A ground floor commercial space covers just under 9,000 square feet. No commercial tenants have been lined up as of yet. Sales kicked off weeks ago for the apartments, which range in price from about $1 million to $4 million for penthouse units.

Stern called the response from prospective buyers “steady.”

“When you look at the overall real estate market,” he added, “it’s not 2014 (when the New York market experienced an unprecedented residential real estate boom). I don’t think anyone would try to pretend that it is. But the response to our product has been fantastic. We’re selling units. It may not have been at the pace of 2013 or 2014, but it’s at a pace we’re happy with.”

As mentioned above, 150 Rivington is competing for buyers with several other Lower East Side projects. The Broome Street condos in the big Essex Crossing project hit the market this week. Other developments in the immediate area include: 100 Norfolk St., 50 Clinton St., 196 Orchard St. and 287 East Houston St.

Are there concerns that the market is over-saturated?  While Stern conceded that “the Lower East Side is certainly on everyone’s radar screen,” he added that the overall number of condo units becoming available in the neighborhood is still small. “When you look at a city this size,” he explained, “and you look at the overall demand, it’s not like we have a five year oversupply of condos coming to the Lower East Side. The interest is going to far outstrip the supply that is being produced.” [The six projects referenced in this story are adding about 250 condo units to the the neighborhood.]

Millie Perry said brokers are seeing a lot of potential buyers who either live downtown now, or are familiar with the area. There are some investors looking to snap up a condo unit or two, as well as parents of New York University students eyeing apartments for their kids. “From a perspective of locals understanding what change is happening in their world,” said Perry, interest has been strong from people who, “really love the Lower East Side for its authenticity, for its culture, for what it is. They’re not looking to change it. They’re just looking to immerse with it and find a home here.”

Twelve units at 150 Rivington St. are currently listed on StreetEasy. Five are under contract, including a 2 bed/2 bath apartment on the sixth floor for $2.260,000. The cheapest unit listed in a 543 square foot 1-bedroom for $1,030,000.

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Condos Slated For Former Streit’s Matzo Parcel Start at $995,000

150 Rivington St. rendering by Volley Studio, via the New York Times.

150 Rivington St. rendering by Volley Studio, via the New York Times.

Sales have officially launched for the condos set to replace the historic Streit’s Matzo Factory at 150 Rivington St.

StreetEasy has listings for six units in a luxury building that is not yet under construction. A few more apartments are listed on the website 150rivington.com. The Streit family sold the property to Cogswell Lee Development for $30.5 million last year. The factory is being rebuilt in Rockland County.

The smallest unit, measuring 544 square feet, can be yours for $995,000. A penthouse unit, with 3-bedrooms, is priced at $3.8 million. There’s a 1500 square foot rooftop terrace and a fitness center.

The broker spiel notes that, “the vibrancy of the Lower East Side’s punk rock past paved the way for the high-energy nightlife the area is known for today.”

There will be 45 apartments at 150 Rivington St. You can see renderings and floorplans here.

Here’s the Shiny Future of the Former Streit’s Property at 150 Rivington St.

150 Rivington St. rendering by Volley Studio, via the New York Times.

150 Rivington St. rendering by Volley Studio, via the New York Times.

The developers and/or the New York Times chose the start of Passover to unveil their glassy vision of the former Streit’s Matzo site at 150 Rivington St.

In a larger piece in the Times today, there’s a rendering of the 45-unit condo complex that will begin rising just as soon as construction crews demolish the Streit’s factory buildings. The wrecking crews could arrive in the next week or two.

After 90 years on the Lower East Side, the Streit family sold the property to Cogswell Lee Development for $30.5 million last year. A new matzo factory will open in Rockland County later this year.

The 7-story building will include 45 one and two bedroom apartments, with prices starting at around $975,000. A promotional website has already gone live. Brokers will begin selling the condos next month. More from the Times:

The condo’s design, with 13,000 square feet of retail, will be clad in glass, a modern break from the brick buildings that stood there before. Developers plan to decorate the lobby with memorabilia from the original building. Other salvaged objects will be housed in a museum at the new Streit’s factory, which is being built in Rockland County, N.Y. “You have to try to preserve at least some link to the past,” said Arthur R. Stern, the chief executive of Cogswell Lee Development, which is developing 150 Rivington Street with Gluck+, which is also the architect for the project. “That’s ultimately what made the city what it is.”

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Instagram: Relevance New York.

One day last month, the developers staged a ceremony on the roof of 150 Rivington St.:

A feng shui expert, R. D. Chin, blessed the property with a bowl of vodka-soaked rice, orange peels and incense. “It’s very important to acknowledge the changing of the hands,” he said. The factory was empty, the stairwells lit with lanterns. Rooms that once housed 75-foot ovens and dozens of workers now had plywood covering the windows. Aaron Gross, a fifth-generation owner of the family business, was reflective as he stood on the roof. “It’s eerie being back,” he said. “You’re expecting to see the machines, you’re expecting to see the people.”

As you might have heard, a new documentary, “Streit’s: Matzo & the American Dream,” opened at the Film Forum this week. You can read our interview with filmmaker Michael Levine here.