The family-run Boraie Development Co. has left its mark all over the Garden State with its long history of urban revitalization projects in cities such as Atlantic City, Jersey City, New Brunswick and Newark. In June, a topping-off ceremony was held for 777 McCarter, the largest 80/20 mixed income project in New Jersey, which has been dubbed “Shaq Tower 2,” because of the involvement of the NBA legend.
“Today, when we have billions in development going on, it may be easy to forget that not so long ago Newark was a city where developers feared to come and invest, where the entire city had a heavy red line around it,” said Mayor Ras Baraka at the time. “This is a time to honor those who had the vision to invest in Newark when others did not. Today is a day to salute Boraie Development, Shaquille O’Neal, Goldman Sachs, Prudential, and our new finance partners to the City of Newark, Citibank and Bridge Development Group for their continued investment in our city.”
The firm said it was “humbled to have the opportunities to develop in the great City of Newark under the incomparable leadership of Mayor Baraka and his administration, along with the esteemed Municipal Council.”
Gov. Phil Murphy also applauded the efforts of the New Brunswick-based Boraie, which was founded by Wasseem’s and Sam’s father, Omar. The project follows their 50 Rector Park project, Newark’s first market-rate high rise in 50 years.