Social Security building sold to Parker West

One of the nation’s busiest Social Security Administration offices will be staying put, despite a Westchester Avenue property transfer.

This January, Parker West Realty LLC acquired 2350-2356 Westchester Avenue, a ten-year old, two-story, 36,261-square foot office building – home to the SSA’s East Bronx field office since 1999.

According to CoStar, a real estate information company, the building sold for $5.6 million, or $154 per square foot. Parker West Realty is a Namdar Realty corporation.

“We believe the Bronx is very promising,” said Igal Namdar, principal of the Long Island-based firm. “The borough is getting better. The growth is nice out there.”

Namdar plans to keep the SSA as a tenant.

“The SSA – there’s a lot of need for that right now,” he said. “We have no plans for new tenants. We have no plans for construction or renovation.”

Steve Borenstein of Long Island bought the property in 1998. He tore down the popular Domenick’s Restaurant and replaced it with the existing office building. For ten years, 2350-2356 Westchester Avenue was Borenstein’s only piece of property.

“We felt now was the right time to sell,” Borenstein said. “I don’t know what will happen to the building.”

According to John Shallman of the SSA in NYC, the East Bronx office served roughly 300 people per day this February – making it one of the administration’s 100 busiest offices nationwide. The SSA operates more than 1300 field offices.

“We have a five-year lease and no plans to move,” Shallman said. “We’re in a great location.”

The property is situated southwest of Westchester Square, a short block from the Zerega Avenue subway station. Namdar Realty is a privately held investment firm. Since 2000, it has turned over more than 2,000,000-sf of commercial realty – primarily in the Midwest and New England.

Social Security, building, Parker West

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