Boraie Development is a three-decade-old company which established itself in New Brunswick, New Jersey. they engage in real estate development, property management, and the marketing of their buildings. They spent many years building just in downtown New Brunswick but have since branched out to other major New Jersey cities like Newark and Atlantic City.
This company was founded by Omar Boraie. One of his sons, Wasseem Boraie, is a vice president at Boraie Development and has been taking a lead on the Newark and Atlantic City projects. He said that the real estate in Newark was bought about 10 years ago but they were biding their time on getting a building put on it until the market conditions were right. Once this happened they started to have a 22-story apartment complex going up. It will be a high-end property that will cost $79 million to complete. As it is the first high-rise in Newark since the 1950s it has become a hot topic of conversation.
One of the things that has people talking about Boraie Development’s property is that Shaquille O’Neal is a prominent investor in this residential tower. For this reason people have taken to calling it “Shaq Tower”. He was at a recent celebratory milestone event which was also joined by both Omar and Wasseem Boraie as well as a number of elected politicians including the governor of New Jersey. For more info you can visit pressofatlanticcity.com
Boraie Development also owns some other real estate in Newark. They, along with Shaquille O’Neal, have already announced that they will be putting a high-rise on this property as well. This building is projected to cost $150 million and will feature 350 luxury units. This one is located at 777 McCarter Highway and O’Neal said they had decided to call it the “House that Shaq Built”.
Being a visionary company, Boraie Development has known for awhile that their buildings should appeal to millennial professionals. They more than anyone want to live in urban cores and in buildings with the latest improvements and amenities. Both Newark properties are being built to appeal to this generation as is their building going up in Atlantic City. Wasseem Boraie has said that their research shows that Atlantic City is poised to appeal to millennials in the future which is why they are building an $81 million apartment project there. This one will feature amenities that no other apartment complex in Atlantic City can deliver. You can visit crunchbase.com for more details.