Kislak arranges off-market sale of Hackensack’s The VUE for $36M

The VUE Hackensack offers 78 units of luxury living in Bergen County. And on April 14, The Kislak Co. Inc. announced the apartment building has a new owner.

Kislak Vice President Andrew Scheinerman arranged the off-market sale of The VUE Hackensack for $36 million on behalf of the seller, 295 Polifly Realty LLC, while Senior Vice President Scott Davidovic procured the buyer, Sutton Equity LLC.

The building was constructed between 2015 and 2017. According to an announcement about the deal, 295 Polifly Realty previously purchased the property located at 295 Poliflly Road in Hackensack from its builder.

“This off-market opportunity met the purchaser’s criteria as he sought properties outside of New York City given its tightening rent control,” Scheinerman said in a statement. “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.”

Situated on a 0.6-acre parcel, The VUE Hackensack is comprised of six one-bedroom and 72 two-bedroom residences at an average unit size of 1,205 square feet.

According to Davidovic, Kislak is seeing more interest from New York-based investors pursuing opportunities in the Garden State. “This is the second recent transaction we closed with purchaser who was able to secure a loan assumption to get The VUE closed,” he said. “We look forward to working together again to close more deals.”

The VUE Hackensack offers several amenities for residents, including private balconies, many with views of New York City. Other features include in-unit laundry facilities, floor to ceiling windows, and custom-designed European-style kitchens. A virtual doorman, garage parking, lounge and fitness center round out the community amenity offerings at the property.

The property offers immediate access to Interstate 80 and Route 17, and is near the George Washington Bridge and Lincoln Tunnel. Locally, downtown Hackensack is minutes away, as is Hackensack University Medical Center, Fairleigh Dickenson University and Teterboro Airport.