There’s been a lot of issues facing New Jersey’s urban communities including how to address the cost of housing and how to fill in vacancies in cities like Newark and Atlantic City. One of the leading residential and commercial real estate investment and development companies working to address housing needs is Boraie Development, a firm that’s been headed by Omar Boraie and his family. This company is based in New Brunswick but their work spans across the whole state of New Jersey and is targeted at a variety of property buyers and tenants from business executives to college students. The latest development to start construction is the Beach at South Inlet which has luxurious housing amenities all with easy access to Atlantic City’s transportation and beach boardwalk. The Boraies have said the need for these newer rental units is to appeal to younger workers who have certain needs in the housing that older units don’t have, and many cities in New Jersey have units that haven’t been updated in decades. For more details visit Crunchbase.
When Omar Boraie first decided to take over vacant lots in New Brunswick and put new housing and office spaces in them, people thought it could never be done. Boraie did not even have a background in real estate. He was a chemistry professor who had come from Egypt to finish his doctorate at Rutgers University and had been surveying the New Brunswick housing market when this new vision for building came to him and he decided it was up to him to do it. New Brunswick was going through a time of decline and many downtown streets were not even safe to go out on at night. Even though most people said Omar Boraie’s rebuilding plans were going to fail, it was the decision of healthcare firm Johnson & Johnson to stay in the city that encouraged Boraie to go through with it. Check out Press of Atlantic City to see more.
Albany Street was the first place he started his revitalization project by erecting two 8-story towers on it, the first of which was completed in 1988 and the second in 2003. It’s this place where Boraie Development headquarters are located along with several other city operations and local shops and restaurants. Following this was a 25-story high rise apartment on Spring Street which surprised everyone by how fast it filled up with tenants, and then the Aspire and Heldrich also went into construction. Boraie has had close ties to Rutgers throughout his career, not only funding campus housing and academic building expansions, but also giving millions to their genomics research center. In his honor, the University granted him a permanent chair at the department.