The “New” In New Jersey’s Real Estate Market

 

After the nationwide downturn in the housing markets that affected every state including the garden state, it appears New Jersey is back and ready to start looking at a resurgence in residency. Its cities are seeing good progress in the housing development cycles and a lot of once abandoned lots and spaces are starting to undergo renovations and add new space. According to NJ Biz, a new set of housing space and retail space is set to take off inside Newark, New Brunswick, and the neighboring cities. Wasseem Boraie has seen these developments and he has said he commends the city leaders for now branching out the housing units instead of sticking to an idea that one giant apartment building would be the driving force for an influx into Newark.

Well, if there’s one person’s word the Newark city leaders should listen to when it comes to new building projects, it’s Wasseem Boraie vice president of Boraie Development LLC, one of the leading real estate developers in the nation. Omar Boraie, an immigrant from Egypt founded the company in the 1970s and wasted no time in starting up the massive overhauls down the Newark and New Brunswick shorelines. Boraie Development LLC’s office itself sprung out of a defunct building that would’ve otherwise been demolished, and as more housing spaces were added and luxury condos sprung up, the city that had basically been a slum started turning into a coveted hub. Wasseem speaks highly of his father for pursuing that project despite what critics who thought that city was unrevivable thought, and it seems the investments put into that have paid off.

New Brunswick isn’t the only place Boraie Development LLC has taken an interest in, Atlantic City which is also undergoing some transformations in its markets has also benefited from Boraie’s housing plans. A 250-unit apartment rise commissioned by Boraie had work begun on it this last spring among other housing projects, one of which just went up for Richard Stockton College in the old Showboat Atlantic City district. Meantime other developments in Newark include the Springfield Avenue Marketplace project that is adding in new buildings up on that street, including a 152-apartment space building that will also include space for shops to be set up. Newark economists are still waiting for that one surge of capital to hit the city, but they are confident that these new projects will attract buyers with that capital.