Updated Aug 14, 2026
SOLDDevelopment Site
Mohannad Abbasi Of Abbasi Construction Acquires Development Site In Verona For $1.85M
25 Grove Avenue
$1,850,000
Units
10
Asset Type
Development Site
Closing
Aug 7, 2026
About this deal
AI
A nearly one-acre development site located at 21 and 25 Grove Avenue in downtown Verona, NJ, was sold for $1,850,000. The asset is intended for the development of a 10-unit townhouse community.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $1,850,000
- Buyer: Mohannad Abbasi
- Buyer's Representative: Bruce Elia - Keller Williams Realty
- Seller's Representatives: Jaime Weiss & Jonathan Goldstein - Weiss Realty
- Market: Verona, NJ
- Acres: 1
The property was sold by a group associated with Jaime Weiss and Jonathan Goldstein, who had previously repositioned the site for residential development. Abbasi Construction is the buyer and plans to initiate the townhouse project on the acquired land.
On the Map
$1,850,000
Development Site
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Verona Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
8.57%
Cash-on-Cash
-2.45%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93