Boraie Development is a real estate development company that builds residential, retail, and office towers in urban areas. After building a structure they manage the property, including renting units out and maintaining the building. They have been in business since the early 1970s and were founded by Omar Boraie, an immigrant from Egypt.
One of their latest luxury towers is The Aspire in downtown New Brunswick. This tower includes 238 residential units and 10,00 sq ft of retail space at the bottom. It has an attached parking garage with an elevator that goes directly to the lobby.
Residents of this building have access to a lot of amenities. Among these is a rooftop sundeck and a garden space to bring guests to for a barbeque. There is also a fitness center with all of the latest equipment and an area to do yoga.
Boraie Development built another similar tower in Newark. This one was built in a partnership they formed with former NBA superstar Shaquille O’Neal. This is just the first residential and commercial tower to be built in this partnership. They are planning on building more in New Jersey’s more distressed areas where market-rate units are needed.
They started construction on this rental complex in 2013. It cost $60 million and was the first residential tower to be built in Newark in half a century. To celebrate the beginning of the project, Shaquille O’Neal and executives from Boraie Development were on hand for a ceremony. Also there was the mayor of Newark at the time, Cory Booker, and U.S. Senator Robert Menendez.
Shaquille O’Neal says that he is helping to plan these projects but he is leaving the details in the hands of the real estate professionals at Boraie Development. He just wants each building to be beautiful and help Newark.