Boraie Development Now Investing In Atlantic City Housing

Wasseem Boraie, a leader at his family’s company the Boraie Development said that it’s time bring a new housing stock to Atlantic City. Boraie Development has been investing and transforming business districts and residential neighborhoods in New Jersey’s cities for the last 40 years or so, and with each project they focus on upgrading buildings to have modern touches. Their latest transformation project at Atlantic City is a 250-apartment complex that will have an appeal to millennial tenants. This is a big move because a report on the real estate in Atlantic City was that most of its housing was over 40 years old. Furthermore, Atlantic City needs a little more diversity in their markets with the Casino industry in a bit of a decline.

So how could Boraie Development be described? They may have known the old saying about Rome not being built in a day, but it’s never stopped them from having the determination to change the landscape of New Jersey’s cities. Omar Boraie is the founder of Boraie Development and had moved to New Brunswick back in the 1960s to pursue a doctorate in chemistry. But not too much later, he began to make plans to change the Newark and New Brunswick areas of New Jersey.

According to Patch, during the 1970s, New Brunswick was falling apart as little had been done to make the city commerce-friendly and many buildings were empty. In fact, Omar Boraie says most locals were afraid to go out on the streets after 4 PM. Omar Boraie decided it was up to him to change the outlook for the city since nobody else was going to, although he said it was Johnson & Johnson, a medical services company who helped him make the decision by deciding to remain in the city. The Boraies showed city workers their plans to rebuild and most scoffed at the idea, but it only drove the resolve of Boraie Development. Check out their website

By 1988, Boraie Development had transformed a completely vacant lot on Albany Street to a thriving commercial center and named it tower one. In the next 15 years, the area would see more vacancies reconstructed and occupied until the area became the Albany Street Plaza. Boraie Development has also worked with Rutgers University to bring several housing projects to reality, and in 2014 they completed construction of the Aspire, an apartment high-rise facing across the water to Manhattan. Omar Boraie is also a contributor to the genomic science department at Rutgers and holds the position of Omar Boraie Chair in honor of his gifts.

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