Atlantic City Is Actually A Good Place To Build Right Now Says Wasseem Boraie

Boraie Development did the one thing most New Jersey developers have been reluctant to do for many years; they’ve now announced a new investment in Atlantic City. Wasseem Boraie, a company executive says it’s actually a good time now to come to Atlantic City because the gaming industry has begun to downsize, and with that property prices are now becoming more friendly to investors. One myth that Boraie debunked was the old saying that “nobody lives in Atlantic City,” and what he said instead was that the availability for renting quality apartments just hasn’t been there yet. But things are changing now that the company is bringing the new Beach at South Inlet property to town. This is a 250-apartment property that is located along the ocean boardwalk and has a comprehensive list of amenities such as a front side pool, spacious interior designs, a gym and many other features that most millennial tenants prefer. For more details visit Bloomberg.

The Beach at South Inlet is just one of the millions of dollars in properties Boraie Development has invested in over the years, starting back in the 1970s when they started buying up areas of downtown New Brunswick. Sam Boraie, the father of Wasseem and his brother Sam founded the company and made a bold bet by buying up vacant properties and obtaining financing for renovating buildings and adding new parking spaces. Most people thought these new buildings would stand empty upon completion, but they soon became occupied by fortune 500 companies, city departments and street-level retail shops. The New Brunswick housing market also became a key area of interest after they started Boraie Realty and had the Estates at Waverly Place built. The first high-rise apartments they had built were at the One Spring Street Condominium, and when this property became a success, they invested in more large complexes such as The Aspire and One Rector Street. Check out Central Jersey Working Moms to see more.

Boraie Development has managed its capital well and its return on investments and forward strategic objectives have kept it out of debt and made it a game-changer in the markets. The changes they’ve brought to New Brunswick and Newark have also been noticed by several celebrities including NBA legend and former Newark resident Shaquille O’Neal who bought a small part of Boraie Development’s CITYPLEX12 property. But what Omar Boraie attributes to being undeterred from his mission is being optimistic about the future of New Jersey even when those around him said the opposite, and he says he has Dick Sellers, the former CEO of Johnson & Johnson to thank because it was his decision to keep that company in New Brunswick. He said had Johnson & Johnson moved out, he may not have decided to start Boraie Development.

Reference: http://www.wsj.com/articles/SB1000142405270230452620457909952025609506