V.P. Andrew Scheinerman Arranges Off-Market Sale of 88 New Units

Woodbridge, N.J., April 29, 2022 – The Kislak Company, Inc. announced the recent sale of 22 Sussex, a new 88-unit luxury apartment building at 22 Sussex Street in Hackensack, Bergen County, New Jersey, for $38,500,000.

Vice president Andrew Scheinerman arranged the off-market sale on behalf of the seller, 22 Sussex Street Urban Renewal, LLC, which developed the property, and he also procured the purchaser, Lusia Realty Corp.

Mr. Scheinerman commented, “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.”

22 Sussex 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 located in the heart of downtown Hackensack, 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.

The average unit size is 883 square feet. 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. Community amenities include secure assigned private garage parking, a fitness center with Peloton and Mirror equipment, a co-working 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. The sale of 22 Sussex immediately followed two other large area Kislak sales that occurred in the last three weeks. Mr. Scheinerman also recently arranged the off-market sales of the VUE Hackensack for $36,000,000 and Bella at Bergenfield for $22,500,000.

Andrew Scheinerman joined Kislak in 2011 and specializes in the sale of multifamily and other investment properties throughout northern New Jersey. He received Kislak’s 2011 Rookie of the Year award and was promoted to a vice president in 2017. His investment sales total more than $300,000,000.

About The Kislak Company, Inc.
The Kislak Company, Inc., which is headquartered in Woodbridge, New Jersey, is a leading commercial real estate brokerage firm consistently recognized for its investment sales success. Established in 1906, Kislak’s market leadership position and longevity are due to its ability to offer clients a personalized, hands-on approach, coupled with the unrivaled expertise of its long-tenured team of professionals. Kislak’s prestigious client base includes individual investors and owners, partnerships, financial institutions, and REITs. The firm’s thirty-five professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania, and Delaware.

Now in its 116th year, Kislak was among a select group of firms recognized as a 2021 Power Broker by CoStar Group, Inc. and this was the firm’s 16th consecutive recognition.