Kislak sells 88-unit luxury apartment in Hackensack for $38.5M

The Kislak Co. said Friday it recently sold 22 Sussex, a new 88-unit luxury apartment building in Hackensack, for $38.5 million.

Vice President Andrew Scheinerman arranged the off-market sale on behalf of the seller and developer, Urban Renewal. Scheinerman also procured the purchaser, Lusia Realty Corp.

Located at 22 Sussex St., the property was constructed between 2019 and 2021 and includes 22 studios, 51 one-bedroom units and 15 two-bedroom units in a six-story brick building. The average unit size is 883 square feet. It is only a few blocks from the Bergen County Courthouse, Hackensack Meridian Hospital and the Essex Street Station, which provides New Jersey Transit train service to New York City. Luxury apartment amenities include private balconies in select units, upgraded stainless steel kitchen appliances, waterfall quartz countertops, backlit bathroom vanities and in-unit washers and dryers.

“This acquisition illustrates the incredible demand for strong suburban infill developments. The purchaser sold a large portfolio of properties in New York City, where rent control changes in 2019 restricted growth, and was immediately attracted to 22 Sussex for its quality of construction, strong tenancy and ease of management,” Scheinerman said.

22 Sussex community amenities include secure assigned private garage parking, a fitness center with Peloton and Mirror equipment, a coworking space, resident lounge with gaming area, rooftop deck with Manhattan skyline views and secure package receiving room. Hackensack and greater Bergen County are among the strongest rental markets in New Jersey and the tri-state area. As a result, there is significant demand among investors for multifamily properties there.