Boraie is a New Jersey-based company that is focussed on providing real estate development, marketing, and property management services. The company achieves this by working together with contractors, financial institutions, and architects to finish the task within the deadlines. This company is family owned, and it has been in the business for about over a decade now.
In collaboration with the former NBA superstar Shaquille O’Neal, Boraie Development has started a project in Newark. This project involves a tower that will have 21 stories and 20,000 square feet being covered by 169 rental units. The project is built in the heart of downtown Newark at 37-39 Rector St, along the river. The building is jointly owned, and those present at the topping off occasion called it the “Shaq Towers.”
This the latest project to be carried out by Boraie Development in Newark. Several dignitaries attended the ceremony for topping the project off. They include Ras Baraka who is the Newark Mayor, Governor Phil Murphy, and Shaquille O’Neal. O’Neal called it a great work for the city of Newark. He explained that the building is an example of why private and public entities must collaborate for progress in cities. O’Neal further pointed out the project is a milestone for Newark City. The construction is expected to be complete by the end of the year. Pre-leasing will kick off in October and November. You can visit rutgers.edu to see more.
Boraie Development and Shaquille have announced the next project in Newark. This time, it is a 35-story building along McCarter Highway. The project will hold 350 units at the cost of $150million. This project is expected to be complete by 2019. During the ceremony to announce this project, O’Neal recalled a visit that he made in 1992 to his relatives. He recalled how his mother told him how beautiful the City used to be, and the need to make it attractive again. This is one of the primary reasons why O’Neal chose to partner with Omar Boraie in the project.
Boraie investment in partnership with O’Neal have also set up a new program called Project Impact. This project is meant to help the residents of Newark train for unionized jobs. So far, the program has placed 18 locals as apprentices. This ensures that Newark residents are part of the development in their city. It is also a way of the developers giving back to the society. You can checkout bloomberg.com for more info.