NEW YORK — Aron Streit, Inc. is closing its matzo factory on the Lower East side of Manhattan, a site it has occupied for more than 70 years.

A new location will be announced after Passover this year, said Alan Adler and Aaron Gross, the fourth and fifth generation descendants of founder Aron Streit who now manage the family-owned and -operated bakery. They spoke recently with East coast media about closing the matzo factory, the last such facility running in the city.

Currently occupying all six floors of four converted tenement buildings, the bakery is estimated to produce 40% of all matzo products sold in the United States.

Company owners cited the high cost of maintaining the facility’s aging equipment, particularly the ovens, as chief among the reasons for the move.

Additionally, overhead costs for the business have risen because the Lower East side, once a warren of overcrowded cheap housing, is rapidly gentrifying. For example, the bakery lacks a loading dock, forcing delivery trucks to compete for parking on increasingly crowded streets.