Elizabeth apartment high-rise sells for $21.3M, Gebroe-Hammer says

An Elizabeth apartment high-rise has sold for $21.3 million, according to real estate firm Gebroe-Hammer Associates.

Imperial House Apartments, at 750 N. Broad St., includes 109 units over 13 stories, in studio to three-bedroom configurations ranging from 490 to 1,350 square feet.

Gebroe-Hammer’s Stephen Tragash and David Jarvis, executive vice presidents, exclusively represented the seller, Keasbey-based Landmark Cos., and procured the buyer, a private investor. Landmark’s Eric Harvitt and Michael Gottlieb, principals, also were involved in the sale.

“Imperial House is considered an iconic residential fixture in the city, where about 75% of the population is renters and nearly 70% of the housing stock originates from 1969 or earlier,” Tragash said in a prepared statement. “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 add-on capabilities and an even higher profile under new ownership.”

Landmark Cos. had acquired the property, which was built in 1960, in 1986.

“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,” Tragash said. “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.”