More than four decades after Omar Boraie, an immigrant from Egypt became captivated with the New Brunswick, New Jersey real estate market he continues to watch his dream succeed.
He came to the United States to attain his Ph.D. in Chemistry but began his venture to purchase plots and abandoned buildings in the city after becoming aware of Johnson & Johnson’s pledge to keep its headquarters in New Brunswick in 1975.
He initially opened Albany Street Plaza Tower One, an 8-story low rise building, which was completed in 1988 and provided first class offices. He followed this up with another 8-story low rise building, Albany Street Plaza Tower Two, which was completed in 2004.
Both towers, which include 250,000 square feet office space and 20,000 square feet retail space, are located close to the New Brunswick train station.
The New Jersey urban developer acknowledged the two tower buildings were a bit of a risk.
Even so, Boraie continued his real estate insight and quickly began work on a 25 story luxury condominium building at One Spring Street, which was completed in 2007.
One Spring Street provides accommodations for 120 one, two and three bedroom apartments which all take in floor-to-ceiling windows and full balconies.
The majority of the apartments are two bedroom units in the price range of $400,000 to mid-$500,000 while prices for the one bedroom units begin at $350,000.
Amenities include a fitness center, a glass-enclosed pool and parking spaces.
In 2015 Boraie Development revealed a 17-story, 370,000 square foot building known as The Aspire. The new luxury rental tower makes available one and two bedroom apartments in a full-service building with amenities that take in gourmet kitchens, oversized closets and 9 to 10 foot ceilings.
Omar Boraie founded Boraie Development which deals with property management, real estate development as well as sales and marketing. In addition, the company offers leasing, maintenance and accounting services.
His son, Wasseem Boraie, works with his father as the vice president of the company.
He recently was involved with refurbishing condominiums in an area around Richard Stockon College and achieved restoring students lodging for up to 400 students.
Boraie’s second son, Sam as well as his daughter, Hiam, also perform vital roles with Boraie Development.
The company, which has evolved a great deal over the past few decades, has advanced real estate developments in Newark and Atlantic City. It reportedly has annual revenues between $10 and $20 million.
The original story can be found at http://centraljerseyworkingmoms.com/omar-boraie-a-new-jersey-success-story/
You can visit his website boraie.com