03/16/2021
Not Just in Vernon are Real Estate Sales Records being BROKEN!
The longtime owner of a 109-unit apartment building in Elizabeth has sold the property for more than $21 million, in a newly announced transaction by Gebroe-Hammer Associates.
Brokers with the firm represented the seller, Landmark Cos., in its disposition of Imperial House Apartments at 750 North Broad St. According to the brokerage team, a private investor paid $21.3 million for the 13-story property at the northern end of the city’s business corridor.
Gebroe-Hammer executive vice presidents Stephen Tragash and David Jarvis completed the assignment.
“Imperial House is considered an iconic residential fixture in the city, where about 75 percent of the population is renters and nearly 70 percent of the housing stock originates from 1969 or earlier,” said Tragash, the firm’s Elizabeth market specialist. “This level of sustained tenant demand, which is even higher at the neighborhood level, and dominant post-war housing vintage establish the basis for Imperial House’s future value-add capabilities and an even higher profile under new ownership.”
Gebroe-Hammer said Landmark Cos., which is based in the Keasbey section of Woodbridge, purchased the high-rise in 1986. The building was constructed in 1960 and includes a mix of floorplans ranging from studios to three-bedroom units as large as 1,350 square feet.
It also sits within a budding neighborhood that has several redevelopment projects on the horizon, thanks in part to the nearby North Elizabeth train station. Other features in the area include Kellogg Park, schools, houses of worship, fitness centers and a host of retailers and eateries.
Eric Harvitt and Michael Gottlieb, both principals with Landmark, were involved in the sale.
“The buyer is obtaining a very well-maintained building with large units and ample parking,” Harvitt said.
Gottlieb added: “Its amenities are what distinguish Imperial House from its competition.”
In a news release, Gebroe-Hammer noted that Imperial House is less than a half-mile to the North Elizabeth station, one of two NJ Transit commuter rail stops in the city. Nearby roadways include routes 9, 127, 82 and 81, while the site is also minutes from the New Jersey Turnpike.
“While Imperial House’s prime location, turn-key status and historically high occupancy rates were the initial draw for the buyer, the modern-entry twin-elevator lobby, landscaped paver courtyard and newly renovated and expanded paved-surface parking and indoor heated garage really make it stand out among nearby comparable assets,” Jarvis said.
Tragash added: “Elizabeth has secured its place near the front of the line of New Jersey’s top live/work/relax urban hubs where dynamic living and transit options are virtually limitless. All roads and rail lines lead to Newark Liberty International Airport, the city of Newark itself, Jersey City and offerings throughout the entire New York Metro.”
