A nearly one-acre development site at 21 and 25 Grove Avenue in downtown Verona was recently sold to a developer who intends to build a 10-unit townhouse community.
A report in ROI-NJ says brokerage firm Weiss Realty brokered the transaction between an LLC managed by developer Mohannad Abbasi, the buyer, and a group affiliated with Jaime Weiss, the president of the brokerage firm, and Jonathan Goldstein.
North Bergen-based Abbasi Construction paid $1.85 million for the property, which last sold in 2021. The report says Weiss and Goldstein acquired the properties with the goal of repositioning the site for residential development.
Weiss represented the sellers, while Bruce Elia Jr. of Keller Williams Realty’s Fort Lee office represented the buyer.
Records from the Essex County Tax Board show the property sold for $1.28 million in August 2021.
Documents made public by the Verona Zoning Board of Adjustment show Abbasi Construction’s site plan was approved by the board in April. The community will include six three-bedroom units on the northwestern side of the site and four two-bedroom units on the southeastern side. Two homes have been set aside for affordable housing.
The board approved six variances for yard setbacks, parking stall size, and decks exceeding permitted height and encroaching into required setbacks. Abbasi also agreed to remove rooftop decks from the units on the northern side of the site.
The board approved the site plan after Abbasi agreed to reduce the total number of units from 11 to 10.
While Abbasi Construction is actively working to redevelop the two parcels, it is not the only real estate firm investing in multifamily in Verona.
Jersey Digs reported in January that the Annin Lofts residential development at 163 Bloomfield Avenue, one mile from the Grove Avenue site, was sold to Bonjour Capital for $56 million. The site was the former Annin Flag factory and was redeveloped by Carlstadt-based Russo Development in 2018.
A report in MyVeronaNJ.com in January says the town’s legislative council approved a settlement with a developer to bring 84 townhouses to the nearly five-acre site at 251 1/2 Grove Avenue, one mile from the Abbasi site. That project will be developed by JMF Properties LLC of Whippany, according to the report. The publication also reported in November that the Filoso family, owners of Hillcrest Farms at the corner of Bloomfield and Park avenues, submitted a site plan application for a new mixed-use building on the property.
Abbasi Construction has completed single-family homes throughout North Jersey. The firm’s website says it is actively building homes and has completed projects in Totowa, North Bergen, Teaneck and Wood-Ridge, to name a few.
