Atlantic City, NJ was once thought of as the gambling capital of the east in the same way Las Vegas was out west, but things have begun to change there. Casinos have actually started closing down, and its actually been a good thing economists have said is happening because they feel the city has had too much of a surplus in that category, and new businesses need to start coming in instead. But along with that, experts say its also time to change the city’s housing and a new condominium built by Boraie Development, The Beach at South Inlet could do just that. This is a property with 250 apartments that’s already undergoing construction and it’s going to have a pool, gym, spa and other features along with fully-furnished luxury apartments. Most of Boraie Development’s new projects have features that younger city workers prefer.
Boraie Development can be credited for bringing a lot of business back to New Jersey’s northeastern cities, especially New Brunswick where they are based. The company is privately-owned by Omar Boraie and his family, and it got started more than 40 years ago when he immigrated to the US. Boraie was planning to go into the chemistry field and was working on his doctorate’s degree at Rutgers University, but he decided to go into real estate instead because he became concerned about the social and economic outlook of New Brunswick where he lived. The city had a lot of abandoned properties in the downtown and its communities weren’t known to be too safe after dark, so Boraie decided to start buying these properties and turn them into high activity commercial centers. For more details visit Crunchbase.
The place currently known as Albany Street Plaza is where Omar Boraie started investing in first, and in 1988 his first renovated building was finished and on the top floor is where Boraie Development’s headquarters are today. By 2003 this property had another tower completed, and now fortune 500 companies, financial services and retail shops were moving back into the area. Boraie Development also began its realty company which has led to the sale of many homes in Newark’s suburbs, but they also started bringing in new apartments to the city with the completion of the Condominium on Spring Street in 2006. They also started expanding housing facilities for Rutgers students in the year 2010, and four years later they completed The Aspire, an 18-story apartment high rise that’s located near the metro station heading into Manhattan. Boraie Development has won several awards for being the top-ranked real estate development agency, and in 2013 Rutgers University announced an honorary Omar Boraie chair on its advisory board for his contribution to their genomics research department.