Boraie Development surprised people when they announced construction of a 250-apartment condominium at the Beach at South Inlet in Atlantic City because Atlantic City has usually been considered the last place you would want to invest in housing. The longtime belief is that this part of New Jersey is only a casino resort territory and nobody is really living there, but Sam Boraie of Boraie Development said otherwise. He says that the need for housing actually is there, it just isn’t heard about as much because of the options being limited. He expects that as the Beach at South Inlet becomes rented out that light will be shed on the demand for both residential and other commercial development in the city.
It was Omar Boraie, Sam Boraie’s father who first got the attention of the New Jersey real estate community when he decided to start construction in New Brunswick some 40 years ago. Boraie had a degree in chemistry and was going to get his doctorate from Rutgers, but while living in New Brunswick he saw a rundown city. In fact, he said some places were not even safe to go out in after 4 PM. Boraie began a plan to turn some of these downtown areas that were completely abandoned into affluent business communities. The first property he went to work on was Albany Street Plaza where he had two towers built with the first completed in 1988, and the second finished in 2003. The company headquarters are currently housed in tower one.
Boraie Development’s main housing projects are also located in New Brunswick where he showed in 2006 that high-rise apartment buildings are actually quite a popular model. Most had said that his proposed 25-story building at One Spring Street just did not fit the city’s demands and would never be filled, but Boraie saw the place become completely rented out in just three months. The Aspire was built in 2013 and was even more successful due to its close proximity to the main train station in New Brunswick, and One Rector Street in Newark, only the second high-rise apartment complex built in the city in 50 years also became a sensation. If there’s one thing residents of Newark and New Brunswick have learned, it’s that you just cannot discount the forward and visionary thinking that Boraie.com has shown. Omar Boraie says some of the credit for that can be given to the executives of Johnson & Johnson because it was specifically their decision to keep the company in New Brunswick that inspired him to start building. View the company profile on crunchbase.com.