Many things have changed since the 2008 crisis and while some states have adapted and experienced a rebirth in their real estate markets with a lot of buyers, others have seen much stagnation and vacancies on a lot of properties, some of which are buildings that have not been updated in 40 years or more. New Jersey is one of those states that has seen such stagnation and is looking to come out of it. Boraie Development is a company that’s working to fill in voids in the market there, especially those found among younger city workers and college graduates entering employment, and they’ve been investing in great quality properties in New Brunswick and its surrounding areas. Check out Press of Atlantic City for more.
When Boraie Development began their first building project, New Brunswick was in real trouble in the housing and commercial markets. Omar Boraie came there over 50 years ago to complete a doctorate’s degree in chemistry, and while teaching at Rutgers he felt overcome with a desire to turn a city whose downtown wasn’t even safe to go out in after dark, into a brand new place for business. Boraie started financing property purchases, and upon doing so showed urban development leaders what he wanted to do with the properties, but most of them thought he was out of his mind to think he could undertake the project. But he went to work anyway, and by 1988 his first commercial property, an 8-story building and its parking garage were completed and soon tenants started moving in. By 2003, that building had now become part of a thriving commercial hub on Albany Street that now had businesses moving back in where 30 years ago they had all but left. For more details visit Crunchbase.
The housing projects taken up by Boraie Development had been small-scale up until about 2006 when they had a 25-story high rise built on Spring Street, and this condominium shocked everyone when it became completely rented out in just months after its construction. By now people no longer doubted what Omar Boraie and his sons Wasseem and Sam could do with their investments, and soon more city leaders and contractors started partnering up with them. The latest big housing projects have been The Aspire, an 18-story apartment complex with easy access to the New York City metro, and now the Beach at South Inlet which is set to give Atlantic City a big housing stock for its workers. Omar Boraie also has given millions to Rutgers University for cancer research, and in honor of his contributions the university’s genomic research department named the Omar Boraie Chair for him.