Daryl Hagler sells Boro Park Center, two other SNFs to Emerald Group for $296.25M, part of $1.7B deal

UPDATED 8:40 a.m., March 26, 2026: Daryl Hagler sold three nursing care complexes affiliated with Centers Health Care, including the Boro Park Center, the Brooklyn Center for Rehabilitation and Nursing and the Bushwick Center for Renal Dialysis to the Lakewood, New Jersey-based Emerald Group for $296.25 million. To finance the purchase, the buyer borrowed $239.9 million from unnamed secured parties, with the loan administered by Huntington National Bank, of Rutherford, New Jersey.

This sale is part of a wider deal valued at about $1.7 billion, previously reported by The Promote.

In the largest, Lakewood, New Jersey-based Emerald Group through the entity 4915 10th SNF Realty LLC, by the signature of Shmuel Serle, paid $161.5 million to Daryl Hagler through the entity Boro Park Land Co., LLC for the 504-bed Boro Park Center for Rehabilitation and Healthcare building (I6) at 4915 10th Avenue in Borough Park, Brooklyn. The expected use is cash flowing.
The deal closed on March 13, 2026 and was recorded on March 25, 2026. The property has 292,230 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $552 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 May 5, 2011, for $19 million. The signatory for Daryl Hagler was Daryl Hagler. The signatory for Emerald Group was Shmuel A. Serle. The contract date was March 13, 2026. State records show this is a 504-bed skilled nursing and rehabilitation facility.

In the second, Emerald Group through the entity 170 Buffalo SNF Realty LLC paid $73.5 million to Daryl Hagler through the entity Buffalo Ave. Realty Associates LLC for the Brooklyn Center for Rehabilitation and Nursing building (I6) at 170 Buffalo Avenue in Crown Heights, Brooklyn.
The deal closed on March 13, 2026 and was recorded on March 25, 2026. The property has 205,680 square feet of built space and 41,764 square feet of additional air rights for a total buildable of 247,529 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $357 and the price per buildable square foot is $296 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 February 20, 2014, for $19.5 million.

In the third, Emerald Group through the entity 50 Sheffield Snf Realty LLC paid $61.2 million to Daryl Hagler through the entity Wart Realty LLC for the Bushwick Center for Renal Dialysis building (I6) at 51 Georgia Avenue in Cypress Hills, Brooklyn, specialty building (I6) at 50 Sheffield Avenue in Cypress Hills, Brooklyn, and industrial building (G7) at  Fulton Street in Cypress Hills, Brooklyn.
The deal closed on March 13, 2026 and was recorded on March 25, 2026. The four properties have 85,682 square feet of built space and 60,000 square feet of additional air rights for a total buildable of 108,875 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $714 and the price per buildable square foot is $562 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 divestiture follows a landmark November 2024 settlement with New York Attorney General Letitia James, in which Centers Health Care and owners Daryl Hagler and Kenneth Rozenberg agreed to pay $45 million to resolve allegations of systemic financial fraud and resident neglect. There was mounting legal pressure including a January 2026 New Jersey lawsuit seeking $124 million for similar misconduct. 

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Shmuel Serle had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Daryl Hagler had not purchased any other properties and sold three properties in one transaction for a total of $64 million over the same time period.

The property

The specialty building in Borough Park has 292,230 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 200 feet and is 202 feet deep with a total lot size of 38,600 square feet. The lot is irregular. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $40.4 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 received $500 in OATH penalties 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 Borough Park, The bulk, or 25 percent of the 23.3 million square feet of commercial built space are specialty buildings, with mixed-use buildings next occupying 21 percent of the space. In sales, Borough Park has 3 times the average sales volume among other neighborhoods with $976.8 million in sales volume in the last two years and is the 3rd highest in Brooklyn. For development, Borough Park has near average amount of major developments among other neighborhoods and is the 13th highest in Brooklyn. It had 1.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of six of the 19 commercial properties representing 23,812 square feet of the 375,625 square feet. The largest owner is Rajesh Patel, followed by Yoo Hae Soon and then Aaron Furst Trustee.
There are no active new building construction projects on this tax block.

The majority, or 78 percent of the 375,625 square feet of built space are specialty buildings, with walkup buildings next occupying 9 percent of the space.

The seller

The PincusCo database currently indicates that Daryl Hagler owned at least four commercial properties in New York City with 395,962 square feet and a city-determined market value of $54.2 million. (Market value is typically about 50% of actual value.) The portfolio has $196.7 million in debt, with top three lenders as Popular Bank, Benzion Lebovits, and M&T Bank respectively. Within the portfolio, the bulk, or 80 percent of the 395,962 square feet of built space are hotel properties, with office properties next occupying 12 percent of the space. The bulk, or 46 percent of the built space, is in Queens, with Manhattan next at 34 percent of the space.

UPDATED to clarify the buyer is an affiliate of Emerald Group, and that three properties were involved, not just the Boro Park Center. An earlier version of this post implied Shmuel A. Serle was an investor in the deal, but in the documents he is a signatory.

Direct link to Acris document. link