Cites like Newark, New Brunswick, Jersey City and Atlantic City have formed a lot of groups in hopes of turning around housing and commercial real estate markets that have been struggling for years. Boraie Development, one of the top investment and development companies has focused on addressing housing needs geared towards younger consumers by building new apartment complexes and condo lots that have the interior designs and on-site amenities that most young people prefer. One of the biggest factors affecting demand is housing in close proximity to public transportation stations, especially considering the proximity of the northeastern cities to New York City. The latest such housing from Boraie Development not only is close to public transportation but also is right in a beach recreational area, and thus is titled the Beach at South Inlet.
According to Patch, Boraie Development works with both government housing authorities and private contractors in city planning and has earned a good reputation for delivering quality work. The company Chairman is Sam Boraie who had the idea for real estate development over 40 years ago when he moved to the US from Egypt. His educational background was actually in chemistry and not real estate or business, and he was working on his doctorate’s degree in that field when he had the idea to start rebuilding New Brunswick. He felt the city was suffering from a lot of underdeveloped or neglected areas, and since nobody else was likely to start building in New Brunswick, Boraie decided to do it himself. He faced criticism for his decision, but he later said it was Johnson & Johnson the healthcare provider whose decision to stay there made him want to do it. For more details visit Crunchbase.
Boraie Development’s first commercial office spaces completed construction 1988 when the company came to the main hub of Albany Street and began a remarkable transformation. This area of the city at one point was so dangerous that people usually stayed off the streets after 4 PM, but when the first tower in the plaza was built businesses started populating the area again. Tower two was built in 2003 and a third tower will be built that Boraie hopes will be a place for scientific research firms. Boraie Development made their biggest surprise when the Spring Street condominium was rented out in just months, defying the expectations of most experts. Following that has been expanded campus housing at Rutgers University and built The Aspire. Omar Boraie has also given millions of dollars to the research at the Rutgers genomics labs, and in recognition of those contributions he was given an honorary chair at the department.