Atlantic City, NJ has usually been looked at as one place you don’t want to invest in with real estate that’s not hotel properties or casino-related. But Wasseem Boraie, a Vice President of Boraie Development says his company is moving into the area because the time is ripe now to bring residential rental units there. He says one of the problems with Atlantic City is that its land has been a little overvalued, and developers haven’t been completely aware of some of the college student housing needs and younger city workers in the area, but he’s looking to change that. In August of 2016, Boraie Development announced the beginning construction of the Beach at South Inlet, a 250-apartment complex that’s going up along the boardwalk that will address rental needs for various demographics, and its being designed with some of the most in-demand amenities being included.
Boraie Development began under the direction of Wasseem Boraie’s father, Omar Boraie. It’s headquartered in New Brunswick on Albany Street where about 40 years ago there was little activity and most buildings were abandoned. Because most of the downtown property was so cheap, Omar Boraie started buying it up and though most locals said it was useless to do so, he began partnering with construction contractors and renovating the buildings on Albany Street. As the area began to have a new appearance with Boraie’s work, developers started coming into New Brunswick and the place that was once deemed a dead market was now coming to life. For more details visit Crunchbase.
The first real test Omar Boraie put to work was a 25-story apartment complex known as One Spring Street which was designed in Manhattan style and was one of the first of its kind to hit the New Brunswick market. Even though Albany Street’s towers had been a success, most people thought this project was a reach. But before they knew it, the high-rise condominium filled up in just three months and now the property values were reaching levels they had never seen before. Boraie Development then moved into Newark where with the backing and partnership of NBA legend Shaquille O’Neal who also invested a little in the housing market, they started bringing in new commerce with the construction of CITYPLEX 12, and another high-rise housing unit known as One Rector Street. Omar Boraie hasn’t just invested in real estate. He was honored with the placement of the Omar Boraie Chair in the Rutgers University genomics science department thanks to millions in contributions he had given to their cancer research center.