Along the coastline of Atlantic City, a brand new housing complex is starting to be constructed and it’s another mark in the portfolio of Boraie Development. Boraie Development has been investing in vacant New Jersey properties over the last 30 or so years and turning them into full-scale commercial and residential centers. Right now, Atlantic City is becoming a target market because there’s been a few shutdowns of casinos in the usually popular gaming city, and many investors feel its time to bring in other industries as well as focus on updating the housing. Boraie Development says they want the new 250 apartments being built at the Inlet at South Beach to have the modern conveniences that appeal to young consumers and to be able to accommodate more city workers. For more details visit Crunchbase.
Boraie Development is the creation of a man who was heading towards a career in science but learned how to turn real estate back into something profitable. That man is Omar Boraie who came to New Jersey from Egypt back in the 1970s, and at that time the cities of Newark and New Brunswick were struggling with businesses leaving and buildings becoming old and abandoned. Omar Boraie believed if he rebuilt many of these buildings that the city could once again see life come into it, so he started buying properties and showing city planning committees how he was going to do this. Most thought he was crazy and would never accomplish this, but he was undeterred and hopeful because the healthcare firm Johnson & Johnson announced that they were going to stay in New Brunswick.
It all began with an 8-story building on Albany Street known as tower one that Omar Boraie took from being abandoned to having brand new office space, and even put his own company headquarters in the building. But he went on to update even more buildings within that block, and soon he had a whole commercial and residential plaza on Albany Street that started thriving and bringing people back to the city. He defied even more urban development experts by investing in a new 25-story high-rise known as the Spring Street Condominium which sold out in just 2 months after it was built, and on the tail end of that came more developments for Rutgers University and the opening of the Aspire, a luxury apartment in 2014. Omar Boraie has not only invested in Atlantic City and New Brunswick, he’s also invested in cancer research and his large donation to Rutgers University’s genomics science department was honored with the Omar Boraie Chair.