In New Jersey, the commercial real estate market is still booming. Rents are high in some areas. Vacancy rates are still at record lows. Given the state’s geographic location, transportation system, altered commuter habits, and the change in residential priorities brought on by the epidemic, none of this is news or surprising.
When a market demonstrates such extraordinary success, it is legitimate to wonder if the advantages filter into neighboring industries. Will the need for warehouse and office space provide growth or redevelopment in poor neighborhoods?
In this aspect, causal relationships are challenging to establish. Many forces, some of which might not be obvious, shape markets and asset classes. For instance, the presence of a corporate sponsor could spur urban neighborhood regeneration. So, what would appear to be ripple effects of an investment in one place may be the outcome of peculiarly local causes.
The Vice President of Boraie Development LLC is Wasseem Boraie. Wasseem has spent 35 years working in New Jersey’s real estate development sector alongside his father, Omar, and brother Sam.
Urban real estate communities in New Jersey are the primary focus of the urban real estate developer Boraie Development. Newark, Atlantic City, and New Brunswick are the locations of current Boraie developments.
As if the topping-off ceremony for 777 McCarter, the largest multifamily residential building in Newark history, wasn’t enough, Boraie Development and Shaquille O’Neal unveiled their next major project: the 333-unit multifamily project known as Newark Waterfront, which will begin construction by the end of the year. Including expanding its presence in Newark with the two new structures, Boraie is also active in other parts of the state, working on projects in Jersey City, Bayonne, New Brunswick, and Atlantic City.