September 12 2015

A Real Estate Giant: Boraie Development LLC

Boraie Development LLC operates in the real estate industry but has its main focus on real estate services. They deal with property management, real estate development and sales/marketing. They don’t work alone, they will partner with architects, contractors and financial institutions in order to get the work done.

When it comes to real estate development, the company planted its roots when its founder Omar Boraie answered the siren calls of real estate. It started in 1985 in New Brunswick on 120 Albany Street where the company still has its headquarters. Omar decided to build a two-tower commercial building near the corner of Spring Street. It felt more of a gamble when he started out but the company has now grown to astronomical heights.

Back in 2005, they started building two condominiums developments in New Brunswick. They were going to be super-high-end. The architects they partnered with, Costas Kondylis& Partners, is known to have done all of Donald Trump’s buildings in New York. These condos were going to be for who’s who in that area.

Despite the development in New Brunswick being painstaking slow, influential private firms such as Boraie are redrawing the residential and commercial landscape of the place. They have The Aspire, a 17 story residential high-rise luxurious building that has 238 studios, one-bedroom and two-bedroom apartments that will have superior service offerings including a 24-hour doorman and onsite management. This was a $77.2 million project. But they are not done, in the next 12-18 months they plan to break ground on Albany Street near the train station hoping to attract innovative tech and biological science firms that would benefit from the proximity to Rutgers.
Boraie is also making big waves in Atlantic City. Having participated in the Atlantic development at the Atlantic City Convention earlier this year, Wasseem Boraie, the Vice President of Boraie Development, announced that the company would begin to work on a 250-unit apartment complex.

They are also involved in community work in Atlantic City. They partnered with the former NBA superstar, Shaq O’Neal and committed $25,000 towards the Atlantic City Boys and Girls Club. The club which had been closed had a debt of $150,000. Aaron Randolph, the City Councilman, reached out to Wasseem Boraie and asked for their commitment. Boraie Development, hoped that this would therefore see other investors coming to the aide of this Club.

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