Sam Boraie, a principal with Boraie Development, has been spearheading a daring project in the heart of Newark, New Jersey. According to PR News, the embattled city hasn’t seen a single new high-rise development since 1962. Boraie, who has led similar projects in downtown New Brunswick, New Jersey, has made a career out of bucking the odds and carrying through to completion transformational projects that have completely reshaped communities and brought back cities that were once thought to be permanently lost.
Do you want me to build it?
Partnering with rap star, basketball great and Hollywood star Shaquille O’Neil, Sam Boraie and his firm have already broken ground on part of the project and are currently in the demolition phase of another part. Known as One Riverview, the building will consist of a 23-story, mixed-use development that will feature 6,500 square feet of retail space and hundreds of thousands of square feet of residential space.
Largely financing the project himself, Boraie acknowledges that the project has some inherent risks and that he would not have been likely to secure traditional financing. But this is what makes the Boraie’s family business so special. For the last three decades, Boraie Development has gone all-in on projects that got them routinely laughed out of meetings with bankers.
In the early 1990s, the company took a huge risk, developing Albany Street Plaza Tower One. Like One Riverview, the Albany Street Plaza project was one of the first of its kind to be built in decades. No one thought it would work. New Brunswick at that time was one of the most dilapidated and dangerous cities in the state of New Jersey. But Omar Boraie, Sams’s father, had a vision. He believed that if a building with top-end Class A office space were built, he could attract mid and upper tier FIRE-sector companies from Manhattan, which was, even then, experiencing tremendous inflation in real estate values.
The plan worked. Boraie Development (https://www.bloomberg.com/profiles/companies/0601263D:US-boraie-development-llc) built it and they came, flocking one after another. This was the beginning of an almost unbelievable transformation of downtown New Brunswick from degenerate ghetto-scape into trendy destination.
View Sam Borie’s crunchbase page to learn more