Boraie Development Has been working for years to transform New Jersey’s housing market, and now they’re making it happen in Atlantic City. An $81 million project known as the Beach at South Inlet is now adding modern apartment units and meeting the new housing demands that Wasseem Boraie, Vice President of the Boraie Development says have been slowly replacing the casino demands. Atlantic City certainly has built its reputation in the gaming industry, but with new establishments springing up in its neighboring states, the city has seen the closing of many venues. This is a chance now for real estate investors and developers to diversify.
For Boraie Development, it all began with the completion of tower one on Albany Street in New Brunswick, NJ. Omar Boraie came to the US back in 1965 from Egypt and was working on a PhD in chemistry. But as he did so, he began to look at real estate construction, and what drove his interest even further in that direction was the problem of New Brunswick becoming a slum. Many of its downtown buildings were old and becoming abandoned, and some streets were not even safe to walk in after 4 PM. But for Omar Boraie, he decided he could do something about it. Most people thought his real estate development ideas were outlandish, but what gave Boraie hope was that another firm, Johnson & Johnson decided to remain in New Brunswick. Check out State Theatre New Jersey to see more.
From the time the tower one in Albany Street was erected, New Brunswick began to experience a mass of incoming retailers and shop owners bringing in over $2 billion in city revenue. The Boraies continued bringing in city contracts as the area came alive again. In addition to the Albany Street Plaza, they began constructing new facilities for Rutgers University and extending it’s campus. For more details visit Crunchbase.
In addition to the Beach at South Inlet, The Aspire in New Brunswick is one of the Boraie’s masterpiece investments, a major apartment high rise with excellent amenities and easy access to transportation. At one time former NBA star Shaquile O’Neal also joined up with the Boraies as part of a Newark revitalization initiative. Even though Omar Boraie has reached quite an old age, he says he looks out his window every day to remember everyone that has made New Brunswick what it is today.