Weiss Realty, Keller Williams Complete $1.85 Sale of Verona Redevelopment Site

Weiss Realty, a leading commercial real estate brokerage and property management firm headquartered in Moonachie, announced the successful sale of a nearly one-acre redevelopment site at 21 & 25 Grove Avenue in Verona, New Jersey, for $1,850,000.

The property was acquired by a limited liability company managed by Mohannad Abbasi, who plans to redevelop the site into an 10-unit luxury townhome community.

The transaction represents another successful collaboration between Jaime Weiss, President of Weiss Realty, and Bruce Elia Jr. of Keller Williams Realty's Fort Lee office. Earlier this year, Elia represented Weiss in the successful sale of a 24-unit residential development site in Fort Lee.

Weiss represented the property's ownership group, Jaime Weiss and Jonathan Goldstein, who acquired the two commercial office buildings in 2021 with the vision of repositioning the nearly one-acre property for residential redevelopment. After evaluating various development options and market opportunities, the ownership elected to market 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. After a few iterations, a happy resolution was found with the town’s zoning board and the project was approved.

"This transaction demonstrates the importance of persistence and understanding changing market conditions," said Jaime Weiss, President of Weiss Realty. "The property presented an outstanding redevelopment opportunity in one of Essex County's strongest residential markets." Bruce Elia Jr. added, "Development sites of this quality in established communities like Verona remain in strong demand."
Mohannad Abbasi said, "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.”
The transaction comes amid sustained demand for mid-scale luxury development sites near major metro areas, with Verona standing out as a prime location for renters seeking both accessibility and elevated living.

About Weiss Realty

Founded by Jaime Weiss, Weiss Realty is a full-service commercial real estate firm with a 55-year legacy in Northern New Jersey. Known for landmark transactions and development leadership, the firm has played a pivotal role in New Jersey’s commercial and residential real estate market.