Shaquille O’Neal, NBA Hall of Famer, is a Newark native who returned home to join other natives in celebrating the top floor completion of a building he built, after partnering with Boraie Development, Goldman Sachs Urban Investment Group and the city of Newark. The tower, dubbed “Shaq Tower,” will comprise 169 rental units. The tower provides a magnificent view from Hudson to Manhattan, as well as up the Passaic. It is along Rector Street, and Shaquille announced that he would add another 35- story building on McCarter Highway worth $150 million, and he already has a prominent entrepreneur who intends to occupy the top floor.
According to NJ Biz, in the ceremony, the governor appreciated Shaquille for remembering his roots and for assisting Newark in fulfilling its potential. The mayor, Ras Baraka added that the city is now ready to attract deep-pocket investors and stated that it takes collaboration with partners to have not just groundbreakings, but also buildings. Margaret Anadu, the managing director of Goldman Sachs Urban Investment Group, supported Baraka’s statement saying that the tower has taught them that it is critical to work with partners willing to undertake community projects and not just invest in glassy towers downtown. O’Neal affirmed this by declaring that he had found a partner in Boraie Development, which he referred to as the Kobe Bryant of development.
Boraie Development is a family-owned company famous for making long-term investments in low and middle market areas. It offers real estate development, real estate marketing, and property management in New Brunswick area. In the real estate development division, Boraie Development commits its capital, reliability, and vision to every project. It is among the most sought-after real estate companies in New Jersey owing to its excellent record of 30 years. The firm combines its capital with private capital obtained from large commercial banks to primarily fund projects. It creates projects attracting different kinds of clients who appreciate the long-term ownership commitment it offers them.
Boraie development will give Atlantic City it’s first residential offering. The 600 North Beach luxury-unit complex comprising 250 units and worth $85 million is set to open in August 2018. Waseem Boraie bets on Atlantic City are saying it would become the preferred destination for millennials. He added that casinos and entertainment, operating an industry worth $3 billion, were opening and it was the pride of Boraie Development to participate in Atlantic City’s resurgence.