Boraie Development and Shaquille O’Neal Continue Newark Development Projects

Basketball great Shaquille O’Neal will be returning to Newark, New Jersey to co-host a “Believe in Newark” 3-on-3 basketball tournament that will be held on Broad Street in front of City Hall, according to www.nj.com. The tournament will include brackets for both boys and girls, and preliminary games were held recently at the John F. Kennedy recreation center.
O’Neal, who played in the National Basketball Association for 19 years, was born and raised in Newark (until high school) and has been involved in other Newark development projects throughout his career. Most recently he has partnered with the New Brunswick-based Boraie Development on several projects.
In 2012, he worked with Boraie Development LLC on a $7 million project to open a Cityplex movie theater in Newark’s Central Ward. The opening of the theatre was an important event for Newark’s development. The theater’s amenities include a 300-seat auditorium and leather seats. Locals have responded to the project with enthusiasm. Attendance at the theater has more than doubled since its opening.
In 2013, O’Neal continued working with Boraie Development to begin construction on Newark’s first high-rise apartment building in almost 50 years. The building includes amenities such as a pool, gym, and doorman, and is located near the New Jersey Performing Arts Center.
Other projects in which O’Neal has partnered with Boraie include a market-rate housing facility in Newark, as well as a retail complex located in Atlantic City, New Jersey.
Boraie Development has been working for thirty years to enhance urban communities in New Jersey. The company played a critical role in the gentrification of New Brunswick, New Jersey, and most recently has been focusing its efforts on downtown Newark. Boraie Development’s investment strategy is to invest in urban neighborhoods with intrinsic value through redevelopment activities. Boraie Development also offers property management services such as leasing, maintenance, and accounting.
Boraie was started by an Egyptian chemist, Omar Boraie, who came to the United States in 1970 for a doctorate program. Boraie never returned to chemistry, but instead entered the real estate business, later involving all three of his adult children in the business as well. The Boraie family has been involved in New Jersey politics as political donors. They have given $312,420 to New Jersey politicians and political committees, along with $10,000 to Corey Booker’s bid for Senate, and $10,600 for his runs for mayor of Newark.
The Boraie family met O’Neal through O’Neal’s uncle, who lives in New Jersey. The partnership continues to thrive and have an impact on New Jersey communities.

New Jersey Real Estate and how things have changed

An article that was seen on Realty Today says that real estate is still struggling in New Jersey even though there has been a few high profile investments to turn the Garden State around. According to the article on Realtor Today, there are still properties in New Jersey that are way below market value. Industry is improving in the real estate industry, but the people of New Jersey are afraid to put their properties up for sale because they are afraid they will not get what the properties are worth.

Experts say there are two reasons why the property prices in New Jersey are still not going back up to market value, one, the rate of foreclosed properties is at 8.12% and second, the population of New Jersey is half of what other states population’s average. This is a good time for investors to be buying property even though New Jersey has really high state taxes, and commercial and residential properties are cheaper than New York. With lower down payments and lower interest rates, some people feel that the real estate market there is about to take an upswing. There is also an increasing interest in single people wanting to buy their own home. 

Omar Boraie and Boraie Development LLC have been predicting an upswing in New Jersey Real Estate because of the improvements that they have been seeing in New Brunswick. The dream for New Brunswick began forty years ago, and is now coming to fruitation for the 73 yr. old Omar Boraie and Boraie Development LLC. He had been predicting the upswing in real estate in New Jersey for a while. He now laughs at all the doubters who said he couldn’t help rebuild New Brunswick the same way he saw Europe get rebuilt when he went there from his home country of Egypt.

He is now about to finish his vision of a high rise of luxury apartments on Somerset Street called “The Aspire” that is right in the middle of all the action in New Brunswick. He said when he first started his renovating New Brunswick it was horrible, it wasn’t safe, but he could see the potential. Now it has been transformed. He said back then there were 21 vacant and rundown buildings on this same block. He started buying each one and then told the city of his plan. They did not see his vision. He now has developed Albany Street Plaza Tower One, which brought the city the needed top level office space, then he build Tower Two adding even more top level office space. He then built a high-rise building with top notch condominiums with 25 stories with residential condos, office space, retail space and a parking garage and an outdoor area for barbequing and a walking trail to walk your dog. The building was finished in 2007 and sold all its space in two months. No one believed it could happen so they turned around and did it, now they have had the last laugh.