The VUE Hackensack at 295 Polifly Road in Hackensack — Courtesy: The Kislak Co. Inc.
By Joshua Burd
An out-of-state investor has purchased a 78-unit luxury apartment building in Hackensack for $36 million, in a transaction arranged by The Kislak Co. Inc.
The seller, 295 Polifly Realty LLC, completed the deal at 295 Polifly Road some eight years after purchasing it from the developer. Kislak identified the buyer as Sutton Equity LLC, a family-run firm based in Lower Manhattan.
“This off-market opportunity met the purchaser’s criteria as he sought properties outside of New York City given its tightening rent control,” Kislak Vice President Andrew Scheinerman said. “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 represented the seller, while Kislak Senior Vice President Scott Davidovic procured the buyer. Built between 2015 and 2017, the complex known as The VUE Hackensack has six one-bedroom and 72 two-bedroom apartments, with an average unit size of 1,205 square feet, upscale finishes and amenities such as a virtual doorman, garage parking, a lounge and a fitness center.
It’s also accessible from both Interstate 80 and Route 17, providing a quick route to the George Washington Bridge and Lincoln Tunnel. Additionally, the site is minutes from the city’s downtown, Hackensack University Medical Center, Fairleigh Dickenson University and Teterboro Airport.
“We are working with more New York City-based investors looking for opportunities in New Jersey,” Davidovic said. “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.”
