If it weren’t for the Boraie family, the city of New Brunswick, New Jersey likely would have followed the same unfortunate path as Camden, Detroit and other post-industrial cities throughout America. In the 1980s, New Brunswick was in a state of terminal decline. Nobody wanted to invest money in it, for fear of throwing good money after bad.
But one man saw things differently. Omar Boraie, the patriarch of the Boraie family and founder of Boraie Development, saw gold where others saw only a fool’s errand. Boraie believed that he could use New Brunswick’s location and talented residents as fuel to ignite an economic rocket. With New Brunswick’s close proximity to Manhattan, Long Island and other locations with some of the highest priced real estate in the country, Boraie believed that he could build Class A office space that would compete with anything in Manhattan but that would cost only fractions of the monthly rental fee.
His plan proved more successful than even he had predicted. Within a few years, his office building was fully occupied and he was building various residential complexes to house all of the professionals who had come to New Brunswick to work.
In the early 2000s, Omar handed the company’s reins over to his son, Sam. Under Sam’s vision and leadership, Boraie Development has taken on a string of even more ambitious projects. Where Omar Boraie radically transformed the relatively small city of New Brunswick into a highly sought-after home for small business, Sam Boraie had his sights set on an even larger prize. He wanted to go after Newark.
The city of Newark is perhaps the most neglected in the state. But Sam Boraie had a vision. Like his father, he would build world-class residential space that rivaled anything in Midtown Manhattan but would be available for just a fraction of the cost.
His most recent project, collaboration with Shaquille O’Neil, is a 26-story ultra-luxury apartment complex that is the first high rise built in the city in over 50 years. It is scheduled to open this fall and is already nearly fully occupied.
Check out the company website boraie.com