Abraham Posner pays $11.4M to Samuel Sherman for nursing facility in Canarsie

Abraham Posner through the entity 913 East 108 LLC paid $11.4 million to Samuel Sherman through the entity Fsnr Acquisition Group LLC for the specialty nursing facility building (I7) at 945 East 108th Street in Canarsie, Brooklyn.
The deal closed on August 28, 2025 and was recorded on September 18, 2025. The property has 33,350 square feet of built space and 63,632 square feet of additional air rights for a total buildable of 97,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $341 and the price per buildable square foot is $117 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on January 22, 2015, for $9.1 million. The signatory for Samuel Sherman was Samuel Sherman, who along with his family owns nursing homes. The signatory for Abraham Posner was Abraham Posner. This is a nursing facility, the NYS Adult Day Health Care – Offsite at Lakeside/Parkshore Adult Day Health Care Center (945 East 108th Street, Brooklyn, NY 11236)

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Abraham Posner sold one property in one transaction for a total of $20 million over the past 24 months.
The seller Samuel Sherman had not purchased any other properties and had not sold any properties over the same time period.

The property

The specialty building in Canarsie has 33,350 square feet of built space and 63,632 square feet of additional air rights for a total buildable of 97,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 380 feet and is 200 feet deep with a total lot size of 77,600 square feet. The lot is irregular. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $4.7 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Canarsie, The bulk, or 28 percent of the 11.7 million square feet of commercial built space are elevator buildings, with industrial buildings next occupying 25 percent of the space. In sales, Canarsie has the 39th highest sale turnover among other neighborhoods in Brooklyn with $60 million in sales volume in the last two years. For development, Canarsie has had very little major development activity relative to other neighborhoods.It had 143,879 square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the 36 commercial properties representing 244,428 square feet of the 357,766 square feet. The largest owner is Benjamin Landa, followed by Marx Development Group and then Petroleum Marketing Group.
There are no active new building construction projects on this tax block.

The majority, or 77 percent of the 357,766 square feet of built space are specialty buildings, with retail buildings next occupying 22 percent of the space.

The buyer

The PincusCo database currently indicates that Abraham Posner owned at least nine commercial properties with 114 residential units in New York City with 98,705 square feet and a city-determined market value of $13 million. (Market value is typically about 50% of actual value.) The portfolio has $50.8 million in debt, with top three lenders as Ponce Bank, TD Bank, and Valley National Bank respectively. Within the portfolio, the bulk, or 43 percent of the 98,705 square feet of built space are elevator properties, with hotel properties next occupying 27 percent of the space. The bulk, or 89 percent of the built space, is in Brooklyn, with Bronx next at 6 percent of the space.

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