The city of Newark, NJ became ecstatic when the completion of One Rector Street tower was announced, the first high rise apartment building to brought to Newark in more than 50 years. The project was a $65 million investment made by Boraie Development who had already undertaken a similar feat in their headquartered city of New Brunswick about 10 years earlier. This new apartment building has 168 units and is right next to Newark’s performing arts center. Even former NBA star Shaquille O’Neal who grew up in Newark at a time when things were quite rough endorsed this new building because of what it could mean for a bright future in the brick city.
Boraie Development is currently working on a luxurious beach apartment complex in Atlantic City which they say is necessary in that area because some casino properties are starting to close, and to start filling in a housing gap that’s been in demand for a while they’ve built this new complex in hopes of bringing in millennial tenants. A few years earlier, an 18-story 238-unit high rise known as the Aspire was completed which got a lot of attention for its exterior amenities like rooftop gardens and BBQ as well as being right next to the New Brunswick train station. Other properties in the Boraie portfolio include Cityplex 12, 390 George Street, the Estates at Waverly Place and the Albany Street Plaza where it all began. For more details visit Crunchbase.
The Albany Street Plaza is where Boraie Development has its official headquarters and consists of two main towers with a third that’s going to be constructed in close proximity in the coming years, but it was not always so. The neighborhood was actually a dangerous place when Omar Boraie, the man who founded the family-owned company first decided to start investing in the area. He had what many might have called a bold vision and a pie in the sky idea about how he might change the city, but he didn’t mind and went to work on his developments. It took over 30 years to complete the two towers in the plaza, but it paid off mightily in actually bringing the city to life just the way Boraie had dreamed of. Yet even though the work in this area was done by him, he said the confidence he had to do it actually came from a decision by healthcare provider Johnson & Johnson to stay in the city when most people thought they would leave. You can visit their website boraie.com