A Little Silver property tied up in the Solomon Dweck bankruptcy estate has a new owner.

Commercial real estate investor Ray Smith of Stafford Smith Realty in Shrewsbury has purchased a long-vacant property near the Little Silver Train Station, according to a press release issued by the borough.

Little Silver Mayor Robert C. Neff Jr. welcomed news of the sale and said he looks forward to seeing the project develop.

“Mr. Smith assured me he is interested in developing the property in a manner that fits in with the character of Little Silver, and that will take into consideration the property’s location near a busy intersection,” he said.

The property, consisting of a long-defunct gas station, a retail building formerly housing the Wicker Rose, and a small house, was purchased by Smith’s 1 Sycamore, LLC.

Smith is looking to develop the property for a low-traffic commercial use, such as a retail establishment or a bank, according to the press release.

“We’ll be mindful going forward of the concerns that any proposal such as this raises,” Neff said in the release. “But the sale to Mr. Smith, a long-time local resident who knows the area, is a good step forward toward revitalizing this property in a manner that will benefit Little Silver.”

Neff has been advised that the former Exxon Station across the street from the property is also expected to reopen, perhaps as early as July, after being purchased by a company that buys and reopens closed service stations.

Smith said he does not expect to develop the property with a residential component, since the environmental cleanup required for residences would be too expensive. He anticipates razing the current buildings, all of which are vacant.