Boraie Development – Insights on residential housing growth
Boraie Development is a company based in New Brunswick, New Jersey, that builds and manages residential high-rises. Established over 35 years ago, it has built high-rises in New Brunswick, Newark, and Atlantic City. When it builds a high-rise, the surrounding community grows as other businesses open their doors. Boraie Development’s VP Wasseem Boraie recently gave some insights into New Jersey’s housing market. He said the market needs companies like his that build and manage market-rate high-rises. It also needs companies like MCI Property Management and Construction, which builds affordable housing.
Siree Morris of MCI said Boraie Development builds high-rises that bring major attention to them. This helps his company when it builds and markets affordable housing. A healthy housing market needs both affordable housing and market-rate apartments. Boraie and Morris shared their views on the “The Way Forward for Newark Real Estate Development” webinar. Boraie Development opened Rector Park in Newark in 2020. It’s a 50-story high-rise that has 170 units. Wasseem Boraie said his company is now working on another project in Newark. It will be near Newark Penn Station and will have even more units than Rector Park has.
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