For years the State of New Jersey has been trying to revitalize the economy of its biggest city but has had very few tangible results. Wasseem Boraie, executive vice president of Boraie Development, has helped change the focus of city leaders from focusing on one project to move their idea of production into different smaller projects. Many of the projects which are taking place simultaneously, are meant to stimulate the housing market. This gives new options for residents. There are between 5-10 major construction projects in the works or soon to be started in New Jersey’s largest city. This constriction is providing current residents with great options for living and new residents the same. Boraie and his company are in charge of a 168 Unit high rise building located on Rector Street.
Boraie is fully behind the model that has been successful in other New Jersey cities like New Brunswick and Jersey City. By creating new and attractive housing options for people it leads to more business investment opportunities to provide services for those people and to be a part of a community that is rising. The reason that these projects take so long to complete is that the cost is large and needs to be covered in a variety of ways. There is a combination of private funding, traditional debt and of course certain subsidies at the state and local level. Bringing all this together has been a testament to the community and its leadership that has found a way to thrive.
A great example of one of the project locations is Springfield Avenue Marketplace which is one of the current projects underway in the city. It will provide 152 apartments which are market rate as well as some great retail spaces. These spaces are premium because they will be a part of a built in community right from the start. That is why about ¾ of the rental space is spoken for already. It is believed that the momentum building in Newark is building will attract even more real estate investment interest to the area. It is hoped that large capital investors from New York to the Hudson Waterfront Area. There simply hasn’t been enough of this type of opportunity in the city until the recent revitalization project.
Wasseem Boraie has been in the real estate development business for many years and provides a wide range of services to clients and has worked successfully on many urban real estate market services. He has also built a team of professionals at his firm that can provide first rate service to handle property management, sales and marketing and real estate development. They combine partnerships with the strongest financial institutes and architects to create a shared vision of completing successful projects. They are focused on revitalizing the City of Newark, one great project at a time.