Boraie Development is one of the most significant companies in New Brunswick’s real estate industry. It has been in business since 1976 when it was founded by Omar Boraie. At 72 years old, the businessman is acknowledged for the role of his company in transforming the city’s housing sector. Omar is a visionary, and he led the real estate firm in establishing buildings in downtown New Brunswick during a time when the area was in a sorry state. He got his real estate development ideas from Europe, where he had gone to pursue his Ph.D. in chemistry.
When Omar decided to establish his real estate enterprise, New Brunswick was a damaged city that had a small population. Its streets were vacated by 4 P.M. The first project that he worked on was an abandoned block that was made up of 21 damaged buildings. He redeveloped them into luxurious condos that were later sold out. Most city residents did not believe in Omar Boraie’s projects since they thought that downtown New Brunswick could not be habitable. The businessman then started constructing a 250,000 square feet office space building that is called the Albany Street Plaza Tower One. His company developed the second phase of Albany Street Plaza Tower in 2007. Visit Central Jersey Working Moms for more.
Various companies started setting up offices at the buildings that had been established by Boraie Development, and this attracted many professionals. The new residents of the area needed top notch housing, and therefore, the real estate firm developed the One Spring Street Condominium Building. The property has 121 modern apartments of different sizes, and they all have full balconies. Its two bedroom houses were sold for about $400,000. Many middle-income earners bought the condos and became residents of downtown New Brunswick.
According to WSJ, Boraie Development is determined to develop underutilized building and land into state-of-the art homes and offices. The firm’s latest project is The Aspire, which is modern residential building that comprises of top-notch apartments, cafeterias, and entertainment joints. The company has currently expanded its ventures to Newark and Atlanta City even though it is still focused on developing New Brunswick.
The real estate development enterprise’s VP, Wasseem Boraie, is Omar’s son. He has brought a lot of innovation to the firm by developing great homes and offices by renovating old buildings. The company acquired an abandoned structure around the Richard Stockon College area and refurbished it into a students’ hostel that has 400 rooms. You can search him on Yahoo to know more.