Category Archives: Real Estate Development

Boraie Development at CRE Summit: Multi Projects Key to Newark Re-Birth.

If there’s one company that understands the challenging urban real estate market in New Jersey, it’s Boraie Development, LLC.

The family firm has invested not only time and money in re-building several blighted areas of The Garden State, but risked a lot in these ventures, because the Boraies love their state of New Jersey and want to see communities thrive and progress.

Wasseem Boraie, executive vice president of the company, recently shared his views with fellow developers at the Newark CRE Summit. The panel of leading real estate experts discussed how to spur more economic development in the state’s largest city.

Mr. Boraie recognizes that for Newark to stay competitive, it needs the momentum of several projects going on to attract new residents who are seeking options. He believes that’s the way to drum up more investment opportunities and private capital.

One only needs to look at the recent Boraie plan for Newark in One Rector Street. It’s the first high-rise built in the city since 1960 and boasts an impressive 23-story tower with 169 market-rate rental units with 8,500 square feet of retail space. One Rector Street is conveniently located adjacent to the city’s famous New Jersey Performing Arts Center.

It’s projects like these and several others that Mr. Boraie believes appeal to new and established city residents. He says that Newark’s leaders are on the right track with five to 10 “major Class A projects” currently in the works or receiving the green light, and these comprise thousands of residential units.

Mr. Boraie credits the city’s current administration for realizing Newark needs multiple projects under development to invite visitors and new residents. One large project is not enough to entice a new audience to a major city, he says.

NBA legend Shaquille O’Neal has partnered with Mr. Boraie and Boraie Development for several New Jersey urban renewal projects now, and the pair continue to bring commercial and housing development into some of The Garden State’s more neglected areas.

Boraie Development believes it’s the right thing to invest in a city’s future, and although it’s always a challenge, it is a worthy one for all.

“If you build the right product, the dollars are there,” Mr. Boraie says of constructing in New Jersey’s cities.

According to the Wall Street Journal, Boraie Development has built more than one million square feet of commercial and residential property in New Jersey.

Wasseem Boraie Partners with Shaquille O’Neal

Philadelphia Magazine featured an article on Shaquille O’Neal’s potential plans to embark upon building apartments in Atlantic City, New Jersey. His major plan is to build The Beach at South Inlet through his partnership with widely respected real estate developer Wasseem Boraie. The Beach at South Inlet would be a $61 million apartment complex in Atlantic City and is under consideration by the Casino Redevelopment Authority, which is expected to extend the deadline on the $30 million loan to Boraie and Shaq, which was first extended in March of 2013.

Boraie currently serves as the vice president of the prestigious Boraie Development LLC, which is based primarily in New Jersey and has been a leader in the New Jersey real estate market for more than three decades. He has held this position for more than 17 years now and is continuing in the successful footsteps of his father, Omar Boraie. Before his successful venture into the world of real estate, Boraie studied at the Leonard N. Stern School of Business at New York University and earned his B.S. in International Business, Finance and English. As the oldest son of the family, Boraie has been a true leader in the family business and prides himself on being involved in all aspects of the company’s operations.

He joins in his father’s vision for creating cutting-edge and universally appealing real estate development projects all throughout New Jersey, regardless of the perceived obstacles in the way of him achieving his professional goals. In particular, Wasseem Boraie has been focused on the area of New Brunswick as full of potential for expansion and innovation. Boraie has been highly regarded as being responsible for bringing a new level of sophistication to the New Brunswick area through luxury style apartments and high class amenities that attract the best and the brightest in professional fields to call New Jersey their home. Part of what many of his peers attribute to his professional success is Boraie’s unique ability to work with elected leaders to bring positive change to the areas he seeks to develop through his company and to be able to articulate a unique vision to upgrade and develop new areas. As a true collaborator and innovator, Boraie will likely be responsible for many more improvements in the development of New Jersey for years to come. He is poised to continue to bring fresh ideas and new energy into Boraie Development.