A Vision for New Brunswick
“When we started here in 1972, it was awful.” Says Omar Boraie, President of Boraie Development. He’s reflecting on what others thought was his risky investment in New Brunswick, New Jersey. “You couldn’t walk the streets after 4 p.m. Everyone had left the city. But I thought ‘This is an area where we could do something.’” Omar, trained as a chemist in Egypt, had witnessed the transformation of cities in Europe and believed New Brunswick could be similarly modernized.
Albany Towers Built and New Brunswick Takes Shape
Albany Street Plaza Tower One was first, bringing Class A office space to the city. Tower Two came in 2003, adding more Class A office space. Omar’s next idea was a high rise condominium building, filled with amenities. “People thought my dad was nuts to build this New York-Style high rise condominium in downtown New Brunswick.” Says Wasseem Boraie, Omar’s oldest son and Vice President of Boraie Development. The building, completed in 2007, sold out in two months’ time. Omar, however, reminds people that it was critical for Johnson and Johnson, the principal employer, to remain in New Brunswick during that 30-year turnaround. He adds that the mayor, Rutgers University, and New Brunswick Development Corporation, among others, were all critical in building the glistening, prosperous city New Brunswick is today. For more details visit Crunchbase.
Investing for the Long Term in N.J. Cities
Boraie Development has a track record of going into cities and making long-term investments that others initially deride. Newark and New Brunswick have benefited from Boraie Development’s foresight. Wasseem Boraie is leading the company to make a similar investment in Atlantic City. Both Wasseem and Omar have a vision for the future of New Jersey cities. Wasseem is investing in Atlantic City as he sees it as an ideal place for millennials to live and work. Omar continues to guide Boraie Development’s work in New Brunswick. Omar believes it could be the new hub of tech and biological sciences. “With this extensive infrastructure,” Omar says, “New Brunswick is clearly primed to be the epicenter of New Jersey’s re-emerging knowledge-based economy.” Check out Press of Atlantic City to see more.
Omar Boraie Enjoys Creating A Path of His Own
When asked about how to be successful in real estate, investor David Waronker once said, “Buy real estate where the path exists and buy more real estate where there is no path.” Omar Boraie, Boraie Development, and its success with New Brunswick illustrate that creating a unique path is much more beneficial (and fun). “This is my dream,” Omar says, “My dream has come through the past ten years.”