Luxury Townhomes Planned At Verona Redevelopment Site After $1.85M Sale

VERONA, NJ — A luxury townhome community is being planned at a redevelopment site in Verona, a realty firm says.

Weiss Realty recently announced that 21 and 25 Grove Avenue in Verona sold for $1,850,000. The property was acquired by a limited liability company managed by Mohannad Abbasi, who plans to redevelop the one-acre site into a 10-unit “luxury townhome community.”

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, Weiss reported.

Abbasi Construction then entered into a purchase agreement with Weiss and Goldstein and launched an effort to obtain approvals for the townhome development. A “happy resolution” was eventually reached with the town’s zoning board, developers said.

“This transaction demonstrates the importance of persistence and understanding changing market conditions,” said Jaime Weiss, president of Weiss Realty.

Developers said the transaction comes as demand lingers 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.”

“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,” Abbasi added.

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