User:Djflem/Boraie

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. The corporation grew from a real estate agency established in 1972, which has offices in New Brunswick and Dayton serving the Central Jersey market.

Projects
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. Boraie has used the incentive in both cities.
 * 390 George Street, New Brunswick
 * Albany Street Plaza, New Brunswick
 * One Spring Street, New Brunswick (Costas Kondylis, architect )
 * Cityplex 12 Newark
 * Somerset Mews, New Brunswick
 * One Riverview, Newark (Costas Kondylis, architect )
 * 777 Broad in

The firm is one of several companies involved in the redevelopment of downtown New Brunswick. 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   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. 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.

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.

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. http://newbrunswicktoday.com/article/boraie-empire-new-brunswick-developer-secures-30m-government-loan-cheap-public-land-atlantic