Sam Boraie, vice president of Boraie development, has made a name for himself as one of Newark New Jersey’s most prominent real estate developers. Betting big on some of New Brunswick New Jersey’s largest real estate projects of the last decades, he’s had the vision and expertise to bring to fruition projects which have almost single-handedly revitalized the New Brunswick economy.
According to NJ Biz, one such project was started by his father Omar in the early ‘90s.Throughout the ‘70s and ‘80s, New Brunswick fell into a state of disrepair and urban decay. The struggling city was in dire need of an infusion of new investment. Boraie saw an opportunity with the depressed real estate prices and stepped in to build one of New Brunswick‘s first high-rises in decades. One Albany Plaza was the first Class A office space that the city had seen since the 1970s. Boraie bet that he could bring in tenants from New York’s overpriced real estate market. If he could get top-tier renters from the FIRE sector, he could potentially gain a critical mass of economic activity in downtown New Brunswick, which would set off a chain reaction of growth.
The plan worked. Omar Boraie followed that project up with Two Albany Plaza in the mid-‘90s. This was a mixed-use residential space that featured luxurious condos and apartments. Many of the tenants work in other Boraie properties. This is exemplary of the Boraie philosophy. By creating demand with one category of properties, a general boost to the market is created that benefits all local real estate.
Boraie has often found it difficult to convince others of the viability of his vision. After having been laughed out of many meetings with bankers, he was forced to largely finance a large percentage of Albany Plaza with his own money and by directly raising capital from investors.
In Newark, Boraie is seeking to replicate the success he has enjoyed in New Brunswick. With the new mixed-use project, he is hoping two create the seed of economic revitalization that will drive Newark into a prosperous 21st century. View Omar Borie’s profile on crunchbase.com.