Boraie Development is once again making the real estate attractive across New Jersey and this time with a new 250-apartment complex coming up at the Beach at South Inlet in Atlantic City. Boraie Development is investing in Atlantic City because it’s undergoing some closings of casinos that experts say may actually be timely for the city to avoid supersaturation of the gaming industry, while meantime other businesses and real estate developers see it as an opportunity to meet consumer demands in the city. Wasseem Boraie, a Vice President of Boraie Development says that Atlantic City’s housing stock is due for some fresh properties, and that younger millennial prospects need housing with certain amenities. Boraie Development has done a great job of marketing to those very consumers. Check out Crunchbase to know more.
Boraie Development is run by the Boraie family which includes the father Omar Boraie who has been the longtime Chairman of the company, though his children Wasseem, Sam and Hia have now started to make more decisions. Sam Boraie is from Egypt and his original field was in chemistry, but upon completing his doctorate at Rutgers he began taking a close look at the housing and commercial properties across New Brunswick, NJ. Many buildings in the downtown had become abandoned and the city’s commerce was suffering. Many people even considered the city too dangerous to go out into after 4 P.M. But Omar Boraie had a plan, and after starting up his new company and financing the purchase of properties across Albany Street, he began to tell city leaders he was going to turn New Brunswick into a shiny new business city. Most people thought Omar Boraie was out of his mind, but he decided to undertake the building project anyway. For more details visit State Theatre New Jersey.
Things started turning around by 1988 when Boraie Development completed the rebuilding of Albany Street tower one and a parking garage right next to it. By 2003, Albany Street tower two was completed and more businesses started moving into the area and New Brunswick was on the rise again. His first major housing development was a high 25-story building known as the Spring Street Condominium which most people thought was too big and expensive for the city, yet when all was said and done tenants moved in within 2 months. Boraie Development followed that one up with the Aspire in 2014 and now Albany Street tower three is in the works. While most people would say Omar Boraie is the hero of New Brunswick’s return to prosperity, he says it was Dick Sellars of Johnson & Johnson whose decision to remain in the city gave him hope.