Plans for a nearly one-acre development site at 21 and 25 Grove Ave. in Verona call for a 10-unit luxury townhome community. — Rendering courtesy: Weiss Realty
By Joshua Burd
A group led by Weiss Realty has sold a nearly one-acre development site in Verona, paving the way for it to become a 10-unit luxury townhome community.
The buyer, an LLC managed by Mohannad Abbasi, paid $1.85 million for the property at 21 and 25 Grove Ave. The construction executive is now set to move ahead, with approvals already in prior to the sale.
Moonachie-based Weiss Realty represented the sellers, Jaime Weiss and Jonathan Goldstein, who acquired the former two-building office property in 2021 with the vision of repositioning it for residential redevelopment, according to a news release. After evaluating various development options and market opportunities, the ownership group opted to list the property for sale.
Abbasi Construction then entered into a purchase agreement with Weiss and Goldstein and launched an effort to obtain approvals for the townhome development, the news release said, touting a successful resolution to the process with the township’s zoning board after a few iterations.
“This transaction demonstrates the importance of persistence and understanding changing market conditions,” said Weiss, president of Weiss Realty. “The property presented an outstanding redevelopment opportunity in one of Essex County’s strongest residential markets.”
The deal represents another successful collaboration between Weiss and Bruce Elia Jr. of Keller Williams Realty’s Fort Lee office, the firms said. Earlier this year, Elia represented Weiss in the successful sale of a 24-unit residential development site in Fort Lee.
“Development sites of this quality in established communities like Verona remain in strong demand,” Elia said.
Abbasi added: “We’re excited to invest in Verona and develop a thoughtfully designed townhome community that will provide high-quality homes for existing and future residents. What makes it more special is that we are developing an under-utilized property, which in the end will help beautify this already beautiful town.”
