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Boraie Development is a real estate development firm based in New Brunswick, New Jersey founded by Omar Boraie, who came to the city from Egypt to study in the 1970. The company has built major residential and commercial projects in New Brunswick and in Newark, among others.[1][2] [3] The corporation grew from a real estate agency established in 1972, which has offices in New Brunswick and Dayton serving the Central Jersey market. [4]
Projects edit
- 390 George Street, New Brunswick[5]
- Albany Street Plaza, New Brunswick[1]
- One Spring Street, New Brunswick[1] (Costas Kondylis, architect[6])
- Cityplex 12 Newark[3]
- Somerset Mews, New Brunswick[7][8]
- One Riverview, Newark[3] (Costas Kondylis, architect[9])
- 777 Broad in
Newark and New Brunswick are two of nine cities in New Jersey designated as eligible for Urban Transit Hub Tax Credits by the state's Economic Development Authority. Developers who invest a minimum of $50 million within 0.5 miles of a train station are eligible for pro-rated tax credit.[10][11] Boraie has used the incentive in both cities.[12]
The firm is one of several companies involved in the redevelopment of downtown New Brunswick.[2][4] which since the 1970s has undergone a transformation spearheaded by Johnson and Johnson, Devco (New Brunswick Development Corporation) and Rutgers University. Public–private partnership, and incentives such as tax abatements, and credits, and grants, particularly with transit-oriented development around New Brunswick Station[13][14][1][15][16] The company received media attention when it was reported that its Somerset Mews high-rise project in New Brunswick received $4.8 million in Hurricane Sandy relief funds despite the fact the city was not among those places hardest hit by the storm.[17][18][19][20] The project met the eligibility standards of providing affordable housing for Sandy victims in a county designated a disaster area, ranking 36 among 566 municipalities listed as hardest hit rental communities according to the Household Hardship Index compiled by Rutgers University.[21]
The company in partnership with Shaquille O'Neal has been involved in two developments in Newark, including the first market rate residential high-rise to built in the city in nearly 50 years.[22][23][24]
As of December 2013, Boraie plans to build a $60 million apartment building with 250 units apartment units in Atlantic City with support from Casino Reinvestment Development Authority which will provide a $30 million loan once other financing is secured.[25][26][27]http://newbrunswicktoday.com/article/boraie-empire-new-brunswick-developer-secures-30m-government-loan-cheap-public-land-atlantic
See also edit
References edit
- ^ a b c d Martin, Antoinette (March 6, 2005). "At Two Extremes of a Housing Market". The New York Times. Retrieved 2014-03-22. Cite error: The named reference "twoextremes" was defined multiple times with different content (see the help page).
- ^ a b Kravotil, Charlie (Feruary 5, 2013). "Powerful Developer Closes in on City Tax Break For New Highrise Boraie Could be First to Score a Long-Term Tax Abatement Since Mayor's Re-Election". New Brunswick Today. Retrieved 2014-03-25.
{{cite news}}: Check date values in:|date=(help) - ^ a b c Haddon, Heather (September 26, 2013). "Star Comes Home to Build in Newark Shaquille O'Neal in Real Estate Development Partnership". Wall Street Journal.
- ^ a b Petersen, Tara. "Landing Ford Ave. project is his 'dream come true'". Sentinal. Retrieved 2014-04-12.
- ^ Rabinowitz, Richard, Richard (September 9, 2013). "George Street Closed Due to Partial Collapse of Historic Building". New Brunswick Today. Retrieved 2014-03-22.
{{cite web}}: Unknown parameter|coauthor=ignored (|author=suggested) (help) - ^ One Spring Street - Boraie Development
- ^ Haydon, Tom (March 25, 2012). "16 story building to rise in New Brunswick". The Star-Ledger. Retrieved 2012-05-16.
- ^ "Boraie selects Tishman for $80M redevelopment of Somerset Mews". NJ Biz. October 15, 2013. Retrieved 2014-04-04.
- ^ Shearn, Ian T. (August 8, 2008). "Newark clears O'Neal condo plan". The Star-Ledger. Retrieved 2014-03-04.
- ^ "Urban Transit Hub Tax Credits". Financing Programs. New Jersey Economic Development Authority. Retrieved 2012-05-16.
- ^ "Middlesex County: New Brunswick" (PDF). Urban Transit Hub Tax Credits. New Jersey Economic Development Authority. Retrieved 2012-05-16.
- ^ "Urban Transit Hub Tax Credit Program Approved Projects" (PDF). New Jersey Department of Economic Development. 2013. Retrieved 2013-12-08.
- ^ Lane, Alexander (June 30, 2002). "Time to turn another corner Next generation of builders has designs on New Brunswick". The Star-Ledger. Retrieved 2014-03-31.
- ^ Peet, Judy (August 29, 2010). "Private company's redevelopment of New Brunswick could be model for Atlantic City revamp". The Star-Ledger. Retrieved 2014-03-22.
- ^ Martin, Antoinette (March 6, 2005). "At Two Extremes of a Housing Market". The New York Times. Retrieved 2014-03-22.
- ^ Miller, Paige (May 7, 2012). "In New Brunswick, one development tackles multiple community needs". Smart Growth America. Retrieved 2014-03-24.
- ^ Haddon, Heather (February 11, 2014). "New Jersey Sandy Aid Distribution Questioned Money Goes to Projects Outside the Hardest-Hit Areas". Wall Street Journal. Retrieved 2014-03-21.
- ^ Glorioso, Chris (February 2, 2014). "I-Team: Sandy Funds Went to NJ Town With Little Storm Damage". News 4 New York. Retrieved 2014-03-21.
- ^ Kratovil, Charlie (February 15, 2014). "No Reporters Attended Groundbreaking Ceremony For Controversial Luxury Highrise That Received Sandy Aid". New Jersey Environmental Justice Alliance. Retrieved 2014-03-21.
- ^ Kratovil, Charlie (February 5, 2014). "Powerful Developer That Received Sandy Aid Has No Experience Building Affordable Housing". New Brunswick Today. Retrieved 2014-03-21.
- ^ "THE IMPACT OF SUPERSTORM SANDY ON NEW JERSEY TOWNS AND HOUSEHOLDS" (PDF). Rutgers School of Public Affairs and Administration. p. 98. Retrieved 4 April 2014.
- ^ Haddon, Heather (September 26, 2013). "Star Comes Home to Build in Newark Shaquille O'Neal in Real Estate Development Partnership". Wall Street Journal.
- ^ Munson, John (September 27, 2013). "Shaq comes back to Newark to break ground for city's first high-rise apartment in more than 50 years". The Star-Ledger.
- ^ "Booker, Shaquille O'Neal and other dignitaries break ground on new high-rise apartments". Essex News Daily. September 30, 2013. Retrieved 2013-12-08.
- ^ Bogdan, Jennifer (March 18, 2014). "CRDA supports nearly $100M in Atlantic City projects". The Press of Atlantic City. Retrieved 2014-04-03.
- ^ Ross Ryan, Project in Atlantic City supported by the Casino Redevlopemnt (December 18, 2013). "CRDA moving towards South Inlet redevelopment". NBC 49. Retrieved 2014-04-03.
- ^ Hemlin, Ilya (December 19, 2013). "More Development Ahead for Atlantic City [AUDIO]". NJ 101.5. Retrieved 2014-04-03.