Boraie Development has become one of the biggest privately-owned real estate development companies in New Jersey, and they also have a celebrity who has partnered with them. That celebrity is NBA legend Shaquille O’Neal whose invested some of his money in properties that Boraie Development has constructed in Newark. The latest development is One Rector Street, a project that began a few years ago and has just been completed. But due to O’Neal’s involvement and his plans to move into the top floor, the high rise has been unofficially named “Shaq Tower.” It’s the first high rise that’s been built in Newark in more than 50 years and Newark’s city leaders including Mayor Ras Baraka were pleased at how smoothly the opening went, and they’re hopeful about what this building can do for Newark’s housing market.
Boraie Development has built some of New Jersey’s top-ranked housing units over the years, and it all started with one man’s plan to do something for Newark’s neighboring city, New Brunswick. That man was Omar Boraie, a former chemistry student from Egypt who was working on a PhD at Rutgers University, and when he first had a look at downtown New Brunswick he realized how bad its economic situation was. Blocks of properties were vacant but the prices were relatively cheap, and Omar Boraie realized he was probably the only one who was going to do something about the downtown. He founded Boraie Development around the early 1980s and by 1988 his first property building at the Albany Street Plaza was finished. You can visit centraljerseyworkingmoms.com for more details.
Albany Street Plaza was finished completely by 2003, and Boraie Development was soon joined by other developers who started bringing more office space to downtown New Brunswick. But where the company really turned heads was when they finished the One Spring Street condo high rise. High rise housing did not exist in New Brunswick at the time, and most city leaders did not think this property was going to be filled to capacity, but it sold out in just 2 months. Upon completion of One Spring Street, Boraie Development started building more properties including 390 George Street, the Estates at Waverly Place and later the CITYPLEX 12 development that was completed before One Rector Street took form. Boraie Development is now looking to invest more into Atlantic City’s real estate market starting with a beach apartment complex known as the Beach at South Inlet. For more info you can check out wsj.com