Boraie Development has shared with various New Jersey real estate news outlets that they have visions for rejuvenating Atlantic City, and they’re starting to bring one of those visions to life already with an investment in a beachfront property. According to Crunchbase, this property is known as the Beach at South Inlet which will have 250 new apartments in a highly modern housing design, and they’ll have luxury amenities including an outdoor pool, a gym and other public-use areas in addition to the apartments having their own balconies and high speed WiFi. And it’s all right next to the beach so tenants can go down and enjoy themselves any time the weather permits. Boraie Development said this project will go a long way towards satisfying millennial housing demand in the city. For more details visit Crunchbase.
Boraie Development has been the work of over 40 years in investing and construction by Sam Boraie, an Egyptian immigrant who came to the US to get a doctorate’s degree at Rutgers University. He saw a city in New Brunswick that was struggling to stay afloat, and he felt if some of its old abandoned buildings were repaired that the city could once again thrive. He heard that amidst other businesses deciding to leave New Brunswick, Johnson & Johnson had decided to remain, so he went ahead and started buying abandoned downtown properties there. Most people thought Omar Boraie was unrealistic in his ideas to turn those properties into thriving spaces, but he stuck with his plans. Check out re-nj.com to see more.
Albany Street was Omar Boraie’s first target area. He took an 8-story building and had it remodeled and also had a parking garage fixed up to host all kinds of new shops, bring some fresh sights into New Brunswick and soon have the Boraie Development headquarters moved inside. He named this first building tower one, and 15 years later tower two added even more vibe to the neighborhood. Business was starting to come back again to New Brunswick, but Omar Boraie realized the residential blocks still had a lot to be desired. He bought a space on Spring Street that he decided to build into a 21-story condominium just like the ones in neighboring Manhattan. By the time this was completed, tenants began lining up at the door to get into it and it sold out in 2 months. Following this housing was The Aspire, another apartment high rise built near the Manhattan transportation line. Boraie Development has worked with a lot of non-profit development groups and at one time even had Shaquille O’Neal work with them on a Newark neighborhood renovation.