V.P. Andrew Scheinerman & S.V.P. Scott Davidovic Arrange Off-Market Sale of 78 Units
Woodbridge, N.J., April 14, 2022 – The Kislak Company, Inc. announced the recent sale of The VUE Hackensack, a 78-unit luxury apartment building at 295 Polifly Road in Hackensack, Bergen County, New Jersey, for $36,000,000.
Vice president Andrew Scheinerman arranged the off-market sale on behalf of the seller, 295 Polifly Realty, LLC, which previously purchased the property from the builder. 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 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.”
The VUE Hackensack was constructed between 2015 and 2017 and includes six one-bedroom units and 72 two-bedroom units on a 0.6-acre parcel. The average unit size is 1,205 square feet.
Luxury apartment amenities include private balconies, many with views of New York City, custom-designed European-style kitchens, spa-like bathrooms, in-unit laundry facilities, generous closet space and floor to ceiling windows. Community amenities include a virtual doorman, garage parking, lounge, and fitness center.
The property is ideally located near the border of Hackensack and Hasbrouck Heights and immediate access to both I-80 and NJ-17, with the George Washington Bridge and Lincoln Tunnel nearby. It is also just minutes from the vibrant downtown district of Hackensack close to Hackensack University Medical Center, Fairleigh Dickenson University, and Teterboro Airport.
Hackensack and greater Bergen County are among the strongest rental markets in New Jersey and the tri-state area.
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.
Scott Davidovic joined Kislak in 2006 and specializes in the sale of multifamily properties with a focus on land and development throughout northern New Jersey. He received Kislak’s 2007 Rookie of the Year award and 2014 Sima Kislak Jelin Salesperson of the Year award.
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.