the staff of the Ridgewood blog
Hackensack NJ, a Manhattan-based Real-estate firm bought a luxury apartment building in Hackensack for $36 million. Sutton Equity purchased The VUE Hackensack at 295 Polifly Road in Hackensack from Alexander Property Holdings .
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The word is that Sutton Equity was looking at “properties outside of New York City, given its tightening rent control.”
The building primarily features two-bedroom units. The average unit size is slightly more than 1,200 square feet and the average monthly rent is $2,650. The apartments have washers and dryers, floor-to-ceiling windows and private balconies, some with New York City views. Building amenities include a virtual doorman, lounge and fitness center.
Bergen County boasts some of the highest rental rates in New Jersey. The average monthly rent for a two-bedroom apartment there last year was $1,768, behind only Hudson County.
More than two dozen projects are in the works in downtown Hackensack, according to NorthJersey.com . With more luxury developments may be on the way in Hackensack. A six-story, 130-unit luxury building has been proposed downtown, which would replace five buildings and a parking lot. Many of the store owners in the area are still operating, however, creating controversy about the development’s transparency.
