Determined is the word that better describes Mr. Omar Boraie. Arriving in the United States as a young Egyptian man in pursuit of a PhD in Chemistry, Boraie quickly realized the real estate potential in New Brunswick. Johnson and Johnson had committed themselves to stay in the city and to him that was an opportunity to offer housing to the expected workforce, this was in a place that one could hardly walk safely past 4pm.
Boraie started out with 21 dilapidated, unoccupied apartments which he steadily bought off one after the other and turned them into 250,000 square feet of Class A spacing for offices. That building is what currentlyAlbany Street Plaza Tower One is. That was in the 1980’s and early 90’s. Tower Two soon came up next to its sibling. The third one of Boraie Development was a condominium. An idea that had everyone thinking Omar Boraie had gone mad, well in 2007; the tallest building in New Brunswick was completed. The 25 story One Spring condominium came with 121 units for residential hire, complete with floor to ceiling windows plus balconies, office space of 4, 0000 square feet, a parking garage large enough to hosting 400 cars, an outdoor barbeque and retail space of 10,000 square feet. It even had dog strolling space. Buoyed by this achievement, Boraie Development moved to make the founders dream come true, a project that was aptly named ‘Aspire’ to reflect his 40 year old aspiration for classic accommodation in New Brunswick, New Jersey.
Aspire was a $77.2 million project that birthed a 17 story, 370,000 square foot building. 14 of that story is parking garages, The Aspire has 238 residential units that have a lounge, green roof with a rooftop patio. The kitchen design is that of a community kitchen, it even has its own center for Yoga and fitness. For those looking for commercial space, The Aspire has 10,000 square feet of retail space. The Aspire targets young and trendy professionals who’d like to sample New Brunswick’s culture and entertainment scenes while enjoying style and convenience when at home. Construction of The Aspire was co-funded by New Jersey Housing in collaboration with Mortgage Financing Agency, EDA Urban Transit Hub programme chipped in $23.8 million.
Boraie Development LLC
Founded by Omar Boraie in 1986, Boraie Development LLC operates in the real estate industry and has over 30 years’ experience in urban real estate development. They develop and manage properties and run a sales and marketing arm under Boraie Realty services. Boraie Realty has sold over $150 million in residential sales. They use own source, private equity and commercial banks funding in most of their projects. Their property management services include: property maintenance and administration, marketing, leasing and customer services. A lot has been blogged about Boraie and Boraie Development LLC by the Central Jersey Working Moms in their blog site