New 250-Unit Apartment Complex From Boraie Development Could Be Key For Atlantic City’s Real Estate

There’s a lot of work to be done to address housing needs in New Jersey, but there has been some progress made by Boraie Development, a firm based in New Brunswick that’s put their prints on the housing and commercial properties of Middlesex County and nearby cities. They’ve recently turned their attention on Atlantic City where experts have said a little change is needed out of casino properties into new businesses and a replenishing of housing complexes. Boraie Development has announced the construction of a new building with 250 apartment units in it that will have a pool in front while also being next to the beach boardwalk on the other side. There’s also a gym and other community amenities on-site to go with its fully-furnished apartment suites, and Wasseem Boraie, the Vice President of Boraie Development believes this property could be key in attracting younger city residents.

Boraie Development has four major people who run the family-owned company beginning with Omar Boraie, the founder and Chairman of the company; his two sons Wasseem and Sam and daughter Hia serve as operational vice presidents. The company was started in the mid-1970s when Omar Boraie was completing his doctorate studies in chemistry and buying a home in New Brunswick, but in the midst of this he became prompted to do something about a New Brunswick city whose downtown commercial activities were deteriorating. There was practically no investment in the city’s business communities, but Boraie had a plan to invigorate the city by investing in new buildings.

According to WSJ, after forming Boraie Development, the first place he invested in was Albany Street and the site of today’s plaza is where he completed the first renovated building in 1988. Even though it was one building, the bringing in of something new inspired business owners to start moving into the area, and soon neighboring buildings started seeing activity. Boraie’s second renovated building was completed in 2003, and there’s now a plan for a third Albany Street tower that Boraie hopes will be leased out to the science and tech research communities. The company also made its first big housing investment in 2006 when they built a 21-story apartment building on Spring Street, a place most people thought would never fully rent out. Every apartment building was rented out in just under three months. You can search on Yahoo for more.

Since the completion of Spring Street’s apartments, Boraie Development has gone on to invest in properties like The Aspire, the Rutgers satellite housing project and now the South Inlet Beach. Omar Boraie has been asked what it is about his company that’s helped him prove so many naysayers wrong. His usual answer is not about what he knows or his own stubbornness in building, but he actually attributes it to a decision that was made by a former Johnson & Johnson CEO who decided to keep the major healthcare provider in New Brunswick when faced with the prospect of moving out, and this told Omar Boraie that there was hope in his plans.

See more: http://www.nytimes.com/2005/03/06/realestate/at-two-extremes-of-a-housing-market.html

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