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Boraie Development is leading the housing revolution in the cities of Newark, Atlantic City and New Brunswick in the northeast New Jersey corner. This revolution is an effort by vario us city planning agencies, business organization spokespeople and private contractors to find new ways of improving local neighborhoods and creating a better business climate. Boraie Development has done its part by replenishing old housing with brand new apartments and condominiums that have luxury features like on-site gymnasiums, location near bus or metro lines and in the case of their Beach at South Inlet project which is currently being built in Atlantic City, close proximity to the beachfront. Boraie Development has seen some great returns on these investments especially from younger generation tenants who are currently renting their units.

 

Boraie Development began with a plan by one man to save a troubled city in New Brunswick. That man is Omar Boraie who moved to the US in the 1960s to pursue a doctorate degree in chemistry and teach at Rutgers University. Whenever he drove around the city, he saw the decay and lack of commerce in the downtown areas and felt something needed to be done. He decided to find out for himself how he could team up with contractors and finance loans for his rebuilding plans, and soon he had purchased a number of abandoned properties including the main center on Albany Street. Most city leaders thought his plans were going to fail, but Omar Boraie went ahead with his building plans.

 

According to WSJ, Boraie Development first started turning small abandoned buildings on Albany Street into more attractive living and work spaces, and the first big building they transformed was tower one and its parking garage by 1988. The area started filling up with new shops and offices as people started seeing that Boraie’s plan may be working after all. So Boraie continued and by 2003, Albany Street Plaza now had two towers and the Boraie Development office became surrounded by both retail stores and fortune 500 companies, and even city administrative offices started coming there.

 

Boraie Development decided to start building housing to attract younger tenants around 2005 when they got the idea to put big high-rise apartment on Spring Street. Even though people had started to believe in what Omar Boraie had done with his commercial properties now, they still didn’t believe his plans to put a big New York City style building was going to work. But tenants started renting out within days of its completion, and within three months the condominium was full. Their next big housing property, The Aspire filled up just as quick when it was built in 2014 and the Beach at South Inlet is also expected to fill up quick. Omar Boraie has often reflected back to the day he started and praised Johnson & Johnson’s leaders for choosing to keep their company in the city as his inspiration. You can search on Yahoo for more.

 

 

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

 

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