Omar Boraie saw potential in the ran down New Brunswick starting in the 1970s. His vision was to bring a dilapidated town to life through the construction of new projects that were sure to get the heart of New Jersey beating again.
People suggested one building would be enough. These suggestions did not stop Boraie, president of Boraie Development LLC, from buying a row of buildings and developing Class A business office spaces.
When he first approached the city with his plan, he was faced with doubters. He soon turned them into believers with the construction of Albany Street Tower One and Tower Two business offices located side by side–a move that brought in major business to the once struggling town.
Even though Boraie Development has been at the heart of development in New Brunswick and Newark, Boraie also makes sure to share the credit with other businesses. These other entities include Johnson & Johnson and Tucker Development Corp.
Thanks to the joint efforts in development, these businesses brought tourists, consumers, residents, and businesses which is an indication of continued growth of in New Jersey.
A recent article in NJ Biz, In Newark, choice of residential projects trumps one big building, panelist say, notes how instrumental in the current and future Class A projects in the works of Boraie Development.
Real estate leaders met at the Newark CRE Summit to discuss the new economic development of the city.
Wasseem Boraie, vice president of Boraie Development, said that there are currently five to 10 projects in development in Newark which will bring new residents and businesses to the area. He says that multiple projects will attract more people to come to Newark rather than just constructing one building.
Boraie Development is currently working on a new luxury residential high-rise with 168 units. In the past, their residential real estate project brought New York style condominiums to Newark. The Aspire is one of the residential developments comprising of 17 stories and 238 units.
Wasseem Boraie says that the construction of these lofty residential buildings is what will attract more people and business, more so than one building as previously suggested.
Based on recent economic improvement in New Brunswick and Newark, this is proof that their vision has become reality.
Though there have been new firms and developers in the region, Omar Boraie saw the potential and brought much needed vitalization to New Brunswick in 1972. His firm Boraie Development LLC is still a big part of New Jersey’s revival.