An Amibitious Couple's Blog Experiment

Sam Boraie and Shaquille O’Neil are making things happen in Newark

Sam Boarie is the executive vice president of Boraie Development, one of the states of New Jersey’s most successful real estate developers. Boraie’s father, Omar, started the firm in the 70s. Sam Boraie has therefore spent his entire life around the real estate development trade.

Over the last two decades, he has slowly taken on a leadership position in the firm, as his father has gradually stepped aside to allow the next generation to take the reins. One of Sam Boraie’s most impressive accomplishments, since taking over substantial portions of the firm’s leadership functions, has been the gigantic apartment building the company has developed in the heart of Newark, New Jersey, One Riverview.

This 26-story Art Deco masterpiece would never have come to fruition, however, if it hadn’t been for Boraie’s acumen, perseverance and negotiating skills. Through intense negotiations with the city, coupled with a strong vision and a proven track record of urban revitalization projects, he was able to convince the City of Newark to extend millions of dollars in tax credits, making the property nearly exempt from paying property taxes for the next few decades. He was also able to secure a $23 million Urban Transit Hub tax grant, which added significantly to the value of the project, attracting traditional lenders and equity investors such as Goldman Sachs and Prudential.

But perhaps the most crucial asset in bringing the One Riverview project to life was Boraie’s close personal friendship with NBA superstar Shaquille O’Neil. O’Neil has long been a dedicated advocate for his hometown of Newark, investing huge sums in projects to revitalize the community that he left as a teenager to pursue a career in basketball. O’Neil’s magnanimous efforts to give back to his hometown coupled with Boraie’s talents in property development led to the first high-rise being constructed in Newark since the early 1960s.

With the completion of One Riverview, Sam Boraie has started off what many hope to be a domino effect of urban renewal. Similar to what Boraie accomplished in New Brunswick, it is hoped that Newark may become a magnet for the next generation of up-and-coming professionals.

Check out boraie.com for more details.

Read more: http://centraljerseyworkingmoms.com/how-boraie-development-has-managed-to-bring-up-sophisticated-apartments-in-new-brunswick/

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