The new ‘Shaq Tower’, in Newark, New Jersey, recently celebrated the completion of the top floor of the 22-story apartment complex, located near the New Jersey Performing Arts Center, the Marcus B&P with the celebrity chef Marcus Samuelsson and the Hahne & Co. building. This high-rise development is locally known as the Shaq Tower because of the partnership of Shaquille O’Neal, Boraie Development and Goldman Sachs that was formed to build this $79 million apartment complex. You can visit crunchbase.com for more details.
The Shaq Tower at 1 Rector Street is set to open at the end of 2018, and Vice President Wasseem Boraie of Boraie Development says that people will be able to apply for a lease in September. Boraie Development bought the property 10 years ago, but waited to develop the property when new businesses would be nearby. Wasseem Boraie felt that this collaboration of genders and ethnicities marked years of progress in the city of Newark’s development. Shaquille O’Neal and Boraie Development are also planning a $150 million apartment building in Newark, New Jersey.
Boraie Development was founded by Sam Boraie, an Egyptian immigrant who came to New Brunswick over 50 years ago to get a Ph.D. in chemistry. Today, Boraie Development is a leading residential developer that specializes in urban developments in the state of New Jersey. One of their first projects was the Albany Street Plaza Tower One, a 250,000 square feet building with Class A office space. Tower Two was completed in 2003, with even more Class A office space for the city of New Brunswick. Along with office development, Boraie Development has invested in residential units in New Brunswick, like the One Spring Street Condominium building, which is the tallest building in New Brunswick. This apartment complex is 25 stories tall and has 120 units, 10,000 square feet of retail space, 40,000 square feet of office space and a 400 space parking garage, along with outdoor space for recreational use.
Boraie Development has also developed many properties in Atlantic City, with the most recent development being The Beach at South Inlet, which is an $81 million complex of 250 units bounded by Atlantic, New Jersey, Pacific and Connecticut Avenues. This new complex will feature amenities such as a gym, pool and residents lounge and will have units with wooden flooring and granite countertops.
Omar Boraie and his family continue to realize their vision of building local office and residential complexes in areas that benefit from the revitalization provided by usable, attractive and affordable living and working spaces. Boraie Development is poised to bring more development to cities like Newark and others in New Jersey and is partnering with prominent people and businesses to bring these plans to fruition. For more info you can visit boraie.com