Jesse Sutton nabs NJ apartment building for $36M

Acquires 5-year-old development from Alexander Property Holdings

Tri-State /
Apr.April 15, 2022 04:30 PM

Andrew Scheinerman, Scott Davidovic and The VUE Hackensack at 295 Polifly Road (The Kislak Company, Illustration by Kevin Cifuentes for The Real Deal)

Jesse Sutton’s Manhattan-based firm has picked up a luxury apartment building in Bergen County for $36 million.

Sutton Equity purchased The VUE Hackensack at 295 Polifly Road in Hackensack, according to Kislak, whose executives Andrew Scheinerman and Scott Davidovic arranged the off-market sale.

Scheinerman noted Sutton was looking at “properties outside of New York City, given its tightening rent control.”

Alexander Property Holdings was the seller of the rental building, Kislak told The Real Deal. The privately held real estate company is based in New City, New York, and originally purchased the property from the builder, who constructed it from 2015 to 2017.

In 2017, investors Gabriel Alexander and Berel Karniol borrowed $25.9 million at 3.88 percent interest to finance an investment in the project’s ownership entity, Commercial Observer reported. The 78-unit building was 65 percent occupied at the time.

The luxury 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, according to Apartments.com.

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.

New York-based Sutton was founded by Ralph Tawil, who previously launched Centurion Realty in the 1990s and amassed a retail and office portfolio centered in Soho. Sutton owns several multifamily properties in New Jersey, as well as retail and office buildings in New York City.

Among other deals, in 2014, Sutton and Sitt Asset Management agreed to sell a six-story Midtown commercial building at 1369 Broadway for north of $40 million.

Bergen County boasts some of the highest rents in New Jersey. The average monthly rent for a two-bedroom apartment there last year was $1,768, according to RentData.org, behind only Hudson County.

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.

More than two dozen projects are in the works in downtown Hackensack, according to NorthJersey.com





    Related Articles

    arrow_forward_ios
    Clockwise from top left: 162 West 13th Street, 325 Avenue Y in Brooklyn, 1281 Viele Avenue in the Bronx (Credit: Google Maps)
    Here’s what the $10M-$30M NYC investment sales market looked like last week
    Here’s what the $10M-$30M NYC investment sales market looked like last week
    Real Capital Analytics data showed that New York’s multifamily market had a very slow July. (Credit: iStock)
    New NYC rent law “beginning to shut down investment”
    New NYC rent law “beginning to shut down investment”
    Numbers were down across the board (Credit: iStock)
    New York’s multifamily market had its slowest first half of the year since 2011
    New York’s multifamily market had its slowest first half of the year since 2011
    From left: Scott Rechler and 5 Times Square; Marc Holliday, Stephen Ross and 280 Park Avenue (Getty Images, Eden, Janine and Jim from New York City - via Wikimedia Commons/Photo Illustration by Steven Dilakian for The Real Deal)
    Swell of maturing debt pressures office owners
    Swell of maturing debt pressures office owners
    (photos by Joe Lovinger/The Real Deal)
    Day 2 of ICSC: Retailers button up to network, prep for uncertain future
    Day 2 of ICSC: Retailers button up to network, prep for uncertain future
    Boston Properties' Hilary Spann and Eldridge CEO Todd Boehly in front of 767 Fifth Avenue (Boston Properties, Eldridge, Google Maps)
    Firm ditches Park Ave for entire floor of GM Building
    Firm ditches Park Ave for entire floor of GM Building
    Darien First Selectman Monica McNally and Great Island in Darien, Connecticut (Darien Republicans, Google Maps)
    Fairfield County town nears private island purchase for over $100M
    Fairfield County town nears private island purchase for over $100M
    From left: Oaktree Capital Management co-chairman Howard Mark; Helmut Lang; Hess CEO John Hess; and 8 Tyson Lane in East Hampton, Long Island (Getty Images, Oaktree Capital Management, Google Maps, Hess)
    Helmut Lang finally sells East Hampton estate
    Helmut Lang finally sells East Hampton estate
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...