When Boraie Development announced they were going to build a big 250-apartment building in New Jersey’s gaming town, Atlantic City, it was nothing new that they were met with skepticism because it’s something their company has dealt with ever since its founding. But what company Vice President Wasseem Boraie says is that most people are misinformed about Atlantic City. He says many people have thought that since the city has been mostly known for casino resorts that there is no demand for luxury permanent housing. This is actually not the case because there are quite a diverse group of people living in the area and many of them are lacking good options for apartment and condo rentals. Boraie also says that with some recent casino closings, the price of properties in Atlantic City is headed back down to more favorable levels for development groups and contractors.
Wasseem Boraie and his brother Sam have made a lot of the more important decisions recently at Boraie Development, but the company was actually started by their father, Omar Boraie. Omar Boraie hadn’t originally planned to go into real estate. It was something he did not merely to make money, but to help a community that was suffering from hard economic times and a lack of confidence in its markets. Boraie had moved to New Brunswick, NJ from Egypt and was working on a doctorates in chemistry when he first started noticing how troubled the city was. He researched what he could do to get started investing in its commercial properties, and since the market was very down at the time he was able to buy up a lot of properties at cheap prices. That was the beginning of Boraie Development’s portfolio.
According to Bloomberg, the first property to be constructed under Boraie Development’s management was the Albany Street Plaza in New Brunswick with its first tower being completed in 1988 and its second in 2003. Another major commercial and retail lot was the George Street Plaza also in New Brunswick, but they also moved into Newark with their CITYPLEX 12 property that included not only retail stores but a movie theater and museum as well. Their housing portfolio has mostly been built on high-rise condominiums starting with One Spring Street in New Brunswick in 2006, One Rector Street in Newark in 2013 and The Aspire in New Brunswick in 2014. They have also had more traditional housing lots built such as The Estates at Waverly Place, the Milltown Ford Avenue Redevelopment and their recent Atlantic City development, the Beach at South Inlet. Omar Boraie and his family have seen big returns on their property investments, but he said his confidence in New Jersey’s residential and commercial rental markets came from a decision that Johnson & Johnson Healthcare made over 40 years ago staying committed to the city of New Brunswick. He knew if they had faith in the city that he could too. Read more on yahoo.com.