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.
See more: https://www.crunchbase.com/organization/boraie-development
The Philly Purge recently wrote about the way that New Brunswick is one of the most popular residential destinations for people who are in different areas. It is something that they have talked about for a long time and something that will continue to show people the way that they are able to get more out of the options that they have when they are moving. The publication even talked about the way that people have to be on a waitlist if they want to be able to move into one of the Boraie properties that were built not that long ago. Check out boraie.com for more info.
Anyone who knew New Brunswick in the past may struggle to realize that this is the same location as what they knew about in the past. This is because New Brunswick used to be a terrible area for people to live. The real estate prices were low, the crime was high and there were not many reasons that anyone would want to be able to go to the city other than if they were trying to make it better. Boraie Development changed all of this and made it easier for people to see the beauty in New Brunswick and how it could be a much better city than what it used to be.
The first step that Omar Boraie took when he was making New Brunswick a better location was to offer people the chance to do more with what they had. He wanted to start commercial locations that people would be able to work at. This was so that businesses would move in. Then, he built up residential areas to house the people who were coming to work for these businesses. Many people doubted what he was doing but those who knew from the beginning that he was a visionary were unsurprised when New Brunswick got better.
While Omar Boraie was working to make New Brunswick better, many different people were moving in. Now, though, there is a waitlist for anyone who wants to be able to live there and anyone who wants to get the best residential area in New Brunswick. Omar Boraie just wanted to use Boraie Development to make the city better. He did not know that improving the living areas in New Brunswick would make the city so full that people would have to be put on a waitlist if they wanted to be able to move in. Visit boraie.com for more information.
See more: http://centraljerseyworkingmoms.com/entrepreneurs-in-the-real-estate-industry/
The Middlesex County Improvement Authority has been in arrears for the last five years. At the last count, it had racked up $7 million in missed payments. That hole just got deeper. Last month the authority failed to pay $1 million in principal and interest on a $20 million loan it received from the Casino Reinvestment Development Authority.
The loan is from 2005 and funded the construction of a New Brunswick hotel and conference center, The Heldrich, developed by the New Brunswick Development Corporation (Devco), a local non-profit organization.
The New Jersey State Senate President Stephen Sweeney had trumpeted Devco in the past as an example of what can be accomplished when the state gives public money to private corporations to undertake large-scale construction projects.
DEVCO is the model for the Atlantic City Development Corporation, which expects to see over $200 million in public and private funding to develop The Gateway Project in the Chelsea section of Atlantic City. The two Corporations are both headed by Chris Paladino, an attorney who also arranged the loan for The Heldrich hotel and conference center.
The Heldrich opened back in 2007 and sports 235 rooms. But, when the country quaked under the recession the following year, the Heldrich began to struggle. It failed to attract guests. Its occupancy rate tumbled to just 63.5 percent last year. Johnson & Johnson is its largest account, and their executives sit on the New Brunswick Development Corporation’s board of directors.
The hotel is so desperate for funds that the corporation had to take around $776,000 of its own money to pay for basic expenses, like mattresses and carpet replacement, Paladino recently told the Atlantic City Press.
The New Brunswick Development Corporation (Devco) is a private non-profit real estate development company launched in the 1970’s. It’s overseen nearly $1.6 billion of investment in New Brunswick since its founding.