The Kislak Co. recently sold The VUE Hackensack, a 78-unit luxury apartment building in Bergen County for $36,000,000.
Located at 295 Polifly Road in Hackensack, The VUE Hackensack was constructed between 2015 and 2017 and includes six one-bedroom units and 72 two-bedroom units on a 0.6-acre parcel. The average unit size is 1,205 square feet. Luxury apartment amenities include private balconies, many with views of New York City, custom-designed European-style kitchens, spa-like bathrooms, in-unit laundry facilities, generous closet space and floor to ceiling windows.
Kislak’s Vice President Andrew Scheinerman arranged the off-market sale on behalf of the seller, 295 Polifly Realty LLC, which previously purchased the property from the builder. Senior vice president Scott Davidovic procured the purchaser, Sutton Equity LLC.
“This off-market opportunity met the purchaser’s criteria as he sought properties outside of New York City given its tightening rent control. The property’s $461,539 per unit price reflects the bullishness and long-term vision of investors entering cities such as Hackensack that provide higher yields and stronger rent growth,” Scheinerman commented.
“We are working with more New York City based investors looking for opportunities in New Jersey. This is the second recent transaction we closed with purchaser who was able to secure a loan assumption to get The VUE closed. We look forward to working together again to close more deals,” Davidovic added.
The property is ideally located near the border of Hackensack and Hasbrouck Heights and immediate access to both Interstate 80 and Route 17, with the George Washington Bridge and Lincoln Tunnel nearby. It is also just minutes from the vibrant downtown district of Hackensack close to Hackensack University Medical Center, Fairleigh Dickenson University, and Teterboro Airport.