Category Archives: Real Estate Development

Boraie Development Says Atlantic City Is A New Place To Start Building Homes

Wasseem Boraie believes there’s always room for his family’s company, Boraie Development to grow and its latest destination it’s moving into is Atlantic City, a place most developers have written off over the years. But even though the gambling industry still holds as its chief economic driver, a few recent closings have opened up the city up for new developments, reports Bloomberg. Boraie Development is already moving into its housing market with its latest property known as the Beach at South Inlet which not only is in a prime location near the beach boardwalk and near other downtown centers, but also is designed with many interior amenities and special marble and woodwork. Wasseem Boraie believes if the housing market is going to take off, properties need to have amenities included that millennials prefer.

 

Boraie Development is headquartered and originated in New Brunswick, NJ. According to Rutgers, many years ago when Omar Boraie and his family moved to New Jersey from Egypt, going into construction wasn’t his first idea, but he noticed many empty homes and buildings and crime running rampant in the city. Boraie believed the way to fix the city’s problem and start raising the quality of life was to replace the old buildings with new ones, but he realized that he was probably going to be the only one who would take the initiative to start building. So he went to work taking out bank loans and partnering with private contractors with the official establishment of the Boraie Development company.

 

The first property that Omar Boraie went to work on was Albany Street Plaza which was just an abandoned parking garage with a few abandoned buildings near it when he first acquired it, but by 1988 a brand new 8-story building was built on the lot. The value of that part of the city went up and soon companies started leasing the property and more developments were started nearby. A second building was finished in 2003 and soon Albany Street was coming alive with office and retail spaces.

 

Boraie Development’s housing projects have been a combination of high-rise apartment buildings and town homes in addition to the Beach at South Inlet. The first big high-rise project was One Spring Street which was completed in 2006 and then completely leased out in three months. One Rector Street in Newark and The Aspire followed, and currently Wasseem and his brother Sam are planning the Milltown Ford Redevelopment project in hopes of enhancing New Brunswick’s town home areas.

 

https://local.yahoo.com/info-11014537-boraie-realty-new-brunswick

 

Why Sam Boraie Stands Out When It Comes To Real Estate Development

Boraie Development LLC is a dedicated real estate company with a vision to develop an array of post-modern projects that suits the needs of the contemporary homeowner. Customers can depend on the professionalism and reliability that the development team guarantees. Since the company has a 30-year Development record, Boraie Development has become one of the renowned real estate companies in New Jersey, reveals Yahoo.com. Since everyone wants to be a part of this success, Boraie Development attracts many buyers, renters, and financial partners who appreciate their commitment and long-term development plans. Besides selling the housing units, Boraie Development also offers the property management services. By maintain their properties in the right way, the company ensures that every physical development project goes according to plan. As such, the company prevents the deterioration of these properties by carrying out the renovations in intricate detail.

Company growth through the subsidiaries

The company has grown through a couple of subsidiaries with a goal to reach as many customers as possible. The Boraie Realty subsidiary, in particular, has racked up more than $150 million in commercial and residential transactions. The sales division teams up with the development and property management departments to understand the key residential and commercial factors that determine the direction that the new developments will take. Boraie Development understands that the economic landscape can shift unexpectedly. As such, the financial team undertakes a thorough feasibility study before embarking on any development project. Once the financial team completes the feasibility study, it collaborates with the sales team to brainstorm and make the decisions that will determine the direction of the subsequent development processes.

The Atlantic City Gateway Project

The Atlantic City Gateway development is a public-private redevelopment project worth over $210 million and located in the southern parts of the city. This project features over 800 space parking garage, 7,000 square feet of retail space, South Jersey Gas headquarters, and the beachfront satellite campus at the facing the University of Stockton.  http://www.nytimes.com/2005/03/06/realestate/at-two-extremes-of-a-housing-market.html

The Newark Development Project

Sam Boraie and Shaquille O’Neal have teamed up to develop this magnificent property in Newark. After breaking then ground a couple of months ago, the project management team has made significant strides in the development of this architectural masterpiece. The project will feature over 500,000 square feet of retail space, as well as mixed-use office and residential space. The site is located at the new Triangle Park. As the construction progresses, the prospective buyers are booking their units through the presales. In addition, the financiers are providing mortgages at an affordable rate. Once a prospective buyer pays the deposit, the bank undertakes the remaining amount and offers a mortgage at an affordable rate. As you can see, the developments of these architectural masterpieces and the cost-effective financing options have made Boraie Development a leader in the real estate niche. For more info, visit crunchbase.com.