Newark, New Jersey has fallen on a rough half century. Starting in the early 60s, the city, once a major center of industry in the state of New Jersey, began experiencing many of the same problems that cities across the country faced. Deindustrialization, white flight and increasing urban crime were just some of the problems that beset Newark, in its fall from grace. Things got steadily worse, with no sign that anything would intervene in the process of collapse that would eventually render the city little more than an East Coast facsimile of Detroit.
But one man had a different idea about where Newark’s future would lie. Sam Boraie, of Boraie Development, one of New Jersey’s most successful and innovative real estate development companies, saw in Newark the raw materials and building stock that are the makings of a great city.
Sam Boraie had made a name for himself spotting value where no one else thought it existed. His firm was largely responsible for the miraculous comeback of New Brunswick, New Jersey from the brink of total collapse. Today, that city is home to some of the most sought-after real estate on the East Coast, and it has the perspicacity and tenacity of Boraie Development to thank for it. More details can be found on Crunchbase.
Still, in Newark, Sam Boraie faced an even steeper challenge. Conventional lenders wanted nothing to do with risky projects in what they regarded as a backwards slum. Boraie was laughed out of numerous meetings with bankers, being chided for his relentless optimism and for having the gall to think that an area populated by winos and ex-cons could ever amount to anything but a cesspit of rampant criminality and vice.
But it was Boraie who would have the last laugh. The veteran developer paired up with basketball great Shaquille O’Neil, bypassing traditional lenders completely. The duo first successfully developed a state-of-the-art cinema complex, the Ciniplex 12. Then they set their sights even higher.
Boraie and O’Neil broke ground on One Riverview, a 26-story, ultra-luxurious apartment complex in late 2013. The building is slated to open this fall and has already been nearly fully reserved. You can visit Bloomberg for more info about the company.
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