22 Sussex St. in Hackensack — Courtesy: The Kislak Co. Inc.
By Joshua Burd
The developer of a new 88-unit luxury apartment building in downtown Hackensack has sold the property for nearly $39 million, in a deal arranged by The Kislak Co. Inc.
According to the brokerage firm, the trade of 22 Sussex St. follows the completion of construction last year at a location that’s a few blocks from the Bergen County Courthouse, Hackensack University Medical Center and NJ Transit rail service. A seller listed as 22 Sussex Street Urban Renewal LLC reaped $38.5 million in the sale to Lusia Realty Corp., a firm with a listed address in Brooklyn.
Kislak Vice President Andrew Scheinerman arranged the off-market sale on behalf of the seller, an affiliate of White Plains, New York-based Lighthouse Living, and procured the buyer.
“This acquisition illustrates the incredible demand for strong suburban infill developments,” Scheinerman said. “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.”
In a news release, Kislak noted that the developer built 22 Sussex between 2019 and 2021. The six-story brick building includes a mix of studio, one-bedroom and two-bedroom homes with high-end materials, appliances and finishes, along with amenities such as a fitness center, a co-working space, a resident lounge with a gaming area and a rooftop deck with Manhattan skyline views.
