It had been more than 60 years since the city of Newark, NJ had seen a first class apartment high rise building built in the downtown until earlier in 2018 when the property of One Rector Street officially opened. This 25-story apartment property is another landmark in the portfolio of Boraie Development and has become a major headline in Newark’s real estate news. Governor Phil Murphy was present at its opening and thus far residents have been excited about leasing it out, but one celebrity in particular became an investor in this property. Former NBA star and Newark native Shaquille O’Neal decided it was time to turn Newark into a new city, and he loves what One Rector Street is doing in terms of rejuvenating the city’s housing. His plans to own a floor in the building have had some locals calling it “Shaq Tower.”
Boraie Development is based in nearby New Brunswick, but over the years they’ve started adding to other New Jersey cities including Newark and Atlantic City. Omar Boraie founded the company in the midst of a career in chemistry, and it was started because New Brunswick was going through some difficult times economically and saw a lot of buildings abandoned and decaying. Boraie decided to buy up various vacant lots promising to see a return on investment in those lots despite many assertions by city developers to the contrary. But he was right, and by 1988 his first building on Albany Street was already inspiring confidence.
The Albany Street Plaza is where Boraie Development began, but it’s two apartment properties at One Spring Street and The Aspire that really made them noticed. One Spring Street was the first high rise housing to be built in New Brunswick in 2006, and The Aspire is an apartment building that comes with a plethora of amenities that few other local units have offered and is strategically located right by the metro station with access to New York City. Omar Boraie has said he’s proud to have been a part of a real estate and business renaissance that has restored local confidence in the city, but he often points to a decision that the leaders of Johnson & Johnson, the state’s largest healthcare provider made to stay in New Brunswick that became the deciding factor for him to build. His son Wasseem Boraie has begun heading up most of the companies new projects including the new Beach at South Inlet property in Atlantic City.