There’ve been a lot of programs that have been started in New Jersey to boost its housing and business real estate whether through public initiatives and development committees, or through private investor and contractor groups, or even a combination of all of them. The state has gone through a lot over the decades including during the 1970s and 80s as it experienced some decline. The gap in real estate market prices, demand and fair prices still has a wide gap, but there may be better opportunities for some consumers soon. One company that’s been working to make quality housing available is Boraie Development, a real estate group that’s based in New Brunswick but has taken on a lot of the metro areas of Newark and Atlantic City as well.
Boraie Development began back in the late 1970s when Egyptian immigrant Omar Boraie decided to start reconstructing downtown New Brunswick. He had actually moved to the US to complete a doctorate’s degree in chemistry at Rutgers after completing his undergrad and master’s degrees back in Egypt, but in the middle of his university work he kept feeling that the city of New Brunswick needed big changes. While Rutgers University had thrived, much of the downtown area had become old and abandoned, and Boraie felt that a touch of new could bring back business to the city. So he decided to start buying downtown lots and turn them into office, retail and housing areas. Most city council members at the time who heard this proposal thought it would never work, but Omar Boraie proved them wrong. Check out pressofatlanticcity.com for more.
The first buildings to be constructed by Boraie Development were on Albany Street, the main area their plans have focused on. Tower one in the current Albany Street Plaza is where new office space including Boraie’s headquarters first arrived with ground level shops and a parking garage. Tower two has added to this and plans are in the works for a third tower. Boraie Development’s housing took off in 2006 when they had a high rise built on Spring Street that most people thought was too large and unaffordable for tenants, but every unit there was rented out in just months. Omar Boraie and his two sons Wasseem and Sam recently had construction of The Aspire finished, and now they’re adding a fancy new unit in Atlantic City known as the Beach at South Inlet. What’s made housing like the kind that the Boraies have worked on is its proximity to public transportation, and amenities like on-site fitness rooms, swimming pools and other recreational equipment inside suites. Wasseem Boraie says catering to millennial demand and high quality amenities is key to regrowing the housing stock. You can visit crunchbase to see more.