The economy in Atlantic City continues to struggle despite efforts to increase economic growth by turning the city into a vacation resort with casinos. By 2015, the economy was still suffering, especially unemployment and affordable housing. The casinos didn’t contribute to economic growth and over 12 of them were eventually closed. More than 10,000 individuals lost their jobs due the casinos closing in Atlantic City. Political leaders and developers began working together years ago to help come up with solutions to resolve the issues causing the economic downturn.
According to The Real Deal, Boraie Development LLC built new housing in Atlantic City to help the city recover and meet the demand for affordable housing (February 22, 2015). Wasseem Boraie, Vice President of Boraie Development said that the demand for new private residential development is in resilient demand, which has existed for more than 40 years. Developers and leaders are anticipating to spark economic and housing growth and to grow the tax base without increasing property taxes. To resolve economic issues, developers believe young professionals between the ages of 25 and 34 and the ability of Atlantic City to attract businesses will contribute to increasing the employment rate.
Boraie Development LLC, a headquartered base company in New Brunswick provides services for real estate development in urban areas, property management, and sales. They employ professionals with expertise in managing properties, including administration, leasing, sales, customer service, and maintenance. Since the mid-1980s, the company has built a strong reputation and is now, considered one of the best developers in the State of New Jersey. The firm is committed to developing magnificent properties by working with trustworthy architects, financial institutions, and contractors. Boraie Development has over 30 years of experience attracting and servicing residents, partners and tenants.
Wasseem Boraie is the son of Omar Boraie, President and Founder of Boraie Development. He is co-partner and Vice President of the company, and works with his brother and father on development projects in New Jersey. Wasseem and his family support political causes and have donated over $300 thousand to ensure the state is in good governance and fairness. Boraie Development has funded politicians and various political committees in New Brunswick and Newark. The Boraie family has contributed to the New Brunswick area and other areas in New Jersey for approximately 40 or more years.
In past years, public policy related to urban growth often focused on large projects such as a single large residential building. The thinking was that the size of big developments led to a growing construction sector. This could be expected to foster overall economic growth. At a 2015 event on residential development trends in Newark, New Jersey, Wasseem Boraie described the advantages of a newer approach to residential construction. Wasseem Boraie, who is executive vice president of Boraie Development Corporation, echoed other panelists when he pointed out that a construction firm won’t locate in an urban community for the sake of a single project.
Residential development projects are often funded by a combination of private capital and state or local governments. A government agency can afford to look at a single project. A private firm needs more. A residential construction firm needs multiple projects to choose from. These are often comprised of thousands of individual units.
Boraie sats Newark is now close to achieving a “critical mass” of residential construction activity with five to 10 “Class A” projects comprising thousands of new housing units. This is what today’s urban development stakeholders are looking for. Firms have options in their choice of projects. This is also an attractive scenario for real estate investment. Investors want to see a market that can be expected to produce profit opportunities on an ongoing basis. Investments and profits are not limited to a few large project. They are sustainable basis for years to come.
Wasseem Boraie has served as executive vice president for Boraie Development for 17 years. The firm is a privately owned company that has been operating for over four decades in the Newark and New Brunswick area under the leadership of Wasseem’s father, Omar Boraie. Wasseem attended New York University from 1991 until 1995. He graduated with a Bachelor of Science degree from NYU’s Leonard N. Stern School of Business. He studied International Business, Finance and English.
Wasseem assumed his current vice president’s role in January, 1999. He has been there ever since. Along with other family members, he has become a strong supporter of economic development of this area of New Jersey. The firm”s projects are a good example of “putting your money where your mouth is. Boraie Development engages in multiple projects that range from sup-prime housing to high-end condominiums to high rise buildings.