Continuing a string of collaborative Northern New Jersey transactions, Moonachie-based Weiss Realty and Keller Williams Realty have completed the $1.85 million sale of a nearly one-acre commercial redevelopment site at 21 and 25 Grove Avenue in Verona, New Jersey.
The property was acquired by a limited liability company managed by Mohannad Abbasi, who plans to transform the under-utilized parcel into a 10-unit luxury townhome community.
Repositioning an Essex County asset
The transaction marks a successful exit for property owners Jaime Weiss (President of Weiss Realty) and Jonathan Goldstein, who originally acquired the two commercial office buildings on the site in 2021 with the vision of paving the way for residential redevelopment.
After evaluating various market opportunities, ownership elected to take the property to market, where Abbasi Construction stepped in. Following a collaborative review process and minor iterations to meet local standards, the team successfully secured final approvals from the Verona zoning board for the luxury townhome project.
“This transaction demonstrates the importance of persistence and understanding changing market conditions,” Jaime Weiss said. “The property presented an outstanding redevelopment opportunity in one of Essex County’s strongest residential markets.”
Continuing a brokerage partnership
The deal represents the latest successful partnership between Jaime Weiss and Bruce Elia Jr. of Keller Williams Realty’s Fort Lee office. Earlier this year, Elia represented Weiss in the brokerage and 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,” added Bruce Elia Jr.
The new townhome development aims to tap into sustained buyer and renter demand across northern New Jersey for high-end suburban living with strong regional accessibility.
“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,” Abbasi said. “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.”
