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26Jun/18Off

Boraie Development Will Open a $79M Residential Tower in Newark with Shaquille O’Neal

Former NBA superstar Shaquille O’Neal surely has made his mark in basketball, but now he has decided to expand in his hometown’s real estate. Last April, he attended the ceremony for topping off the building, along with the team of professionals who worked with him in the project. Among them included the mayor of Newark and Boraie Development Vice President Wasseem Boraie.

 

The 7’1” talked about the residential building in detail and how he decided to make it happen. According to him, his mother urged him to make the city beautiful again. The apartment complex will feature more than 20 units, and it will tower over the other buildings in the area. It has been over 50 years since the last time Newark had a high rise in it. For more details visit Crunchbase.

 

Sam Boraie is responsible for developing the building, which is just a few steps from the historic New Jersey Performing Arts Center. It also allows easy access to the Hahne & Co. building, which has Whole Foods. Colloquially, the project is known as Shaq Towers, but its formal name is One Rector Street. It will soon welcome renters by the end of the year, but potential residents can start the application process in September.

 

According to Wasseem Boraie, the company purchased the property first, which was a place where the old Science Park High School was situated about ten years ago. However, even after the acquisition of the property, the construction had to be postponed. It only began in October 2017, which was the right time for the building to start, according to Boraie.

 

Boraie Development has always been known for being methodical. During the waiting period, the team worked around gathering the supplies and making sure they would have everything they need in case the construction would take place.

 

After the Shaq Towers, the former NBA player who is now a host, actor, and investor among others, has announced his plans to continue developing more real estate buildings. He will be working once again with Boraie Development, and this time it will involve a mixed-use building, which will have an even bigger budget of $150 million. It will have a total of 350 apartment units with 35 stories.

 

For decades, Boraie Development is the company behind several important buildings not only in Newark but the whole state of New Jersey. Boraie is a family-owned firm that provides various services from property management to real estate marketing for institutions and private individuals. You can visit their website boraie.com

 

 

 

Reference: https://patch.com/new-jersey/newbrunswick/new-voices-keeping-new-jersey-informed

 

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