The VUE Hackensack, a luxury apartment building in Hackensack, Bergen County, New Jersey, was recently sold off-market for $36,000,000.
Located at 295 Polifly Road, the 78-unit apartment building was constructed between 2015 and 2017. The property encompasses six one-bedroom units and 72 two-bedroom units, on a 0.6-acre parcel, with an average unit size of 1,205 square feet. The VUE has views of New York City and offers community amenities such as a virtual doorman, garage parking, lounge, and fitness center. It is situated in proximity to the border of Hackensack and Hasbrouck Heights, with immediate access to both the I-80 and NJ-17.
The Kislak Company Inc. organized the off-market sale, with vice president Andrew Scheinerman representing the seller, 295 Polifly Realty, LLC. Kislak’s senior vice president Scott Davidovic procured the purchaser, Sutton Equity, LLC.
Mr. Scheinerman commented, “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.”
Mr. Davidovic added, “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 the 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.”