Spearheading urban area restoration in New Jersey cities that include New Brunswick, Newark and more, real estate giant Boraie Development continues to develop projects that catch the attention of financial partners, tenants and residents.
The company was founded in 1981 by Egyptian immigrant Omar Boraie who relocated to New Brunswick 40 years ago to his attain his PhD in chemistry. He found he had a talent for real estate and initially developed the company’s first private urban development, Albany Street Plaza Towers I and II, in downtown New Brunswick. Both towers include 250,000 square feet office space and 20,000 square feet of retail space.
He followed up the 8-story low rise office buildings with a 25-story luxury condominium building at One Spring Street which includes one, two and three bedroom apartments. Boraie Development also unveiled a 17-story, 370,000 square foot residential tower, The Aspire, which offers one and two bedroom apartments.
Working with partner, Newark-native and NBA superstar Shaquille O’Neal, Boraie and O’Neal revealed they are accepting applications for their recently developed $79 million luxury apartment building in Newark, the first high-rise housing project in the city in 50 years. The 168 apartments, which are located at One Rector Street, will open by the end of this year. (www.njtvonline.org/news/video/shaq-tower-downtown-newark-marks-milestone).
According to njbiz.com, along with O’Neal and Boraie, Newark Mayor Ras Baraka, Governor Phil Murphy, Acting Deputy Mayor and Goldman Sachs Urban Investment Group Managing Director and Urban Investment Group Head Margaret Anadu and others participated in a topping-off ceremony of One Rector Street. O’Neal gave credit to his mother for remembering when the city was beautiful and for suggesting some one make it beautiful again.
He remarked he may reside on the top floor of One Rector Street himself as people are referring to the project as Shaq Tower.
The hi-rise takes in 22 stories, 168 rental units that total 284,000 square feet along with 7,000 square feet of retail space at street level of the building. (www.nj.com/essex/index.ssf/2018/04/shaquille_oneal_newark_development_one-Rector_stre.html).
Boraie and O’Neal are also teaming up on a project located at 777 McCarter Highway, which will consist of 350 residential units. Goldman Sachs will invest in this development and also in the 1 Rector Street project.
Boraie Development handles property management, sales, marketing as well as leasing, maintenance, administration and more. You can visit statetheatrenj.org for more details.