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Development Magnate

Boraie Development Completes Newark High Rise 50 Years After Last One Built

One Rector Street in Newark, NJ is now open for renting and it’s the first high rise building Newark has seen built in 50 years. Boraie Development was the main planner and capital holder for this property, but they also worked with several private contractors and city leaders who subsidized the project. But one other famous person who partnered with Boraie Development in this property investment was Shaquille O’Neal, the longtime NBA star. O’Neal grew up in Newark and had always considered returning to it at the end of his MBA career to help the community out. He bought a small portion of the shares in One Rector Street and even told reporters at the opening that he’s considering moving into the top floor. Upon hearing that, some in the crowd started naming the property Shaq Tower.

 

Boraie Development is a company who has worked hard to spur New Jersey’s real estate industry, and they’ve worked with commercial banks, public fund managers and private contractors in each project. Omar Boraie decided to start the company over 40 years ago after relocating to New Brunswick, NJ to teach chemistry at Rutgers. He saw a lot of empty building lots in the city that he decided to buy, and he told some development groups that he was going to rebuild the city. Most told him he couldn’t do it, but Boraie started having buildings completed on his properties anyway. It was the Albany Street tower one that was finished first, and the plaza was completed with tower two in 2003. That was the start of of Boraie Development’s portfolio becoming successful. You can check out pressofatlanticcity.com for more details.

 

 

High rise buildings were not popular at the time in New Jersey when Boraie Development first decided to build one at One Spring Street. But that would change when this property was finished as all 25 stories were completely rented out. After that happened, Boraie Development became convinced they could continue bringing more high rises to the city, so they added The Aspire near the New Brunswick metro station and One Rector Street followed. Also built in New Brunswick and Newark were the Estates at Waverly Place, the CITYPLEX 12 area and the Milltown Ford Avenue housing. Omar Boraie is mostly retired today with his sons Wasseem and Sam managing most of the company’s decisions now, but he was recently honored with the Omar Boraie Chair at Rutgers University’s genomics science department for a grant he gave to it. For more details visit crunchbase.com

 

 

See more: https://re-nj.com/report-new-250-unit-rental-project-rising-in-atlantic-city/

Development Magnate

Sam Boraie Continues to Lead Development Company

One of the premier real estate firms in New Jersey is Boraie Development, which according to Bloomberg, has been in the industry for over 20 years. The company provides a wide range of different products and services including property management, sales, and financial services. While the company does have a range of different services that it can provide, it is best known for its real estate development services.

Ever since the company was founded, it has continued to develop a lot of different projects. Many of the projects that it has developed are in the New Brunswick area of New Jersey, https://local.yahoo.com/info-11014537-boraie-realty-new-brunswick. Boraie Development has been very involved in the overall revitalization of that community. The company has experience in developing residential, commercial, retail, and mixed use projects.

In a recent report by the NY Times, the newest project that Boraie Development has unveiled is The Aspire. This project is a 238-unit condo development built in the heart of New Brunswick. The project is one of the most popular developments in the city and sales have continued to come in quickly. The project is very popular with buyers due to the onsite amenities that include door and security staff, a rooftop deck, fitness center, storage, and ample parking.

Boraie Development is also part of a group of developers that are focused on the redevelopment of Atlantic City. While the area has been depressed in recent years, the plans of Boraie Development and other developers could have it returning to its former glory through the development of new resorts, malls, convention space, and other amenities, says PR Newswire.

The company today is partially led by Sam Boraie. Sam Boraie (https://www.crunchbase.com/person/sam-boraie#/entity) is currently the VP of sales and is largely involved in the sales of condos and other developments of the firm. He is also involved in the high-level planning of the firm and will continue to take on a leadership role in Boraie Development going forward.