Lister Wilson

Omar Boraie seeks to transform Newark into high-end market

Omar Boraie has made a name for himself as vice-president of Boraie Development, one of New Brunswick, New Jersey’s largest real estate developers. As one of the key players in New Brunswick’s revitalization, Boraie has become a widely respected figure, well-known as a visionary and talented developer.

Now, Boraie is setting his sights on a new city. In a report by NJ Biz, he seeks to accomplish the same feat that he managed to pull off a New Brunswick. Only this time, he’s chosen an even more challenging locale.

Newark, New Jersey has long been a downtrodden and poverty-stricken city. There’s not been a single high rise building constructed since 1962. Boraie seeks to change all that, with a new project called 1 Riverview that will be a 23-story, 311-foot glass and steel skyscraper with mixed-use floorspace.

But the project has proven to be quite a challenge. After being laughed out of meetings with various bankers, Boraie had to seek alternative means to finance the project. He went to a number of private investors but ultimately settled on one of Newark’s most famous residents. Shaquille O’Neal, the famous actor, rap star and basketball legend, has long been an activist on behalf of his hometown of Newark. Boraie approached O’Neill about the project idea and O’Neill was receptive. The two quickly mashed and formed a partnership that would see the first skyscraper built in Newark since the early sixties.

After experiencing a number of political hurdles, the project has finally gotten underway. One Riverview is expected to be completed sometime in the spring of 2018. It will be the most luxurious condominium complex ever built in Newark, and it will provide homes to hundreds of Newark’s hippest and most prominent citizens.

As part of the deal, O’Neill retained options on the penthouse suite. He also got a sizable ownership stake on the $60 million project. If everything goes according to plan, Boraie Development will have pulled off another magical feat, and will have revitalized another one of America’s lost metropolises.

Although many scoff at such ambition, Boraie Development has a long track record of pulling off just such feats. View the Boraie Development company profile on Bloomberg.

Read More:

https://local.yahoo.com/info-11014537-boraie-realty-new-brunswick

http://patch.com/new-jersey/newbrunswick/omar-boraie-chair-genomic-science-established-rutgers-cancer-institute