Mohannad Abbasi Of Abbasi Construction Acquires Development Site In Verona For $1.85M

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.