Some parts of New Jersey like New Brunswick and Newark have the suffered the brunt of the real estate industry downturn. In these parts of the state, the real estate market took a nose dive long before the real estate market crash and has experienced minimal to no residential real estate activity in over half a century. But Shaq O’Neal believes that he can revive his industry in his hometown.
The NBA star hopes to achieve this partnering with the states most successful real estate company, Boraie Development. The two have already initiated two luxurious residential properties with the aim of drawing investors into Newark and New Brunswick’s untapped real estate potential.
Starting with One Rector Street condominiums
Their first step in this mission was committing personal resources in developing a $79million luxurious apartment complex on One Rector Street. Designed and developed by Boraie Development, the 168-unit apartment has already been dubbed Shaq Towers seeing that it will be the tallest residential property in the city. Its appeal to Newark, however, extends far beyond its unique design to the fact that it will be the first big residential project to tear up the city’s skyline in over five decades.
During the tower’s ground-breaking ceremony, Shaq O’Neal confirmed that he will also be taking an apartment within the building. To back up his argument about reviving the city’s real estate industry, Shaq added that upon the completion of One Rector Street apartments, he, together with Boraie, will committing additional $150 million towards the establishment of yet another 350-unit complex in the city.
Tagging New Brunswick along with The Aspire
Boraie Development company hopes to march Shaq O’Neal’s commitment to Newark by initiating a similar project in New Brunswick. Here the company set up the biggest and most luxurious mixed-use property yet that, like Shaq Towers, dominates the city’s skyline. The tower’s most prominent features are 238 residential units and 10,000 Square feet of retail space.
The apartment is built in the heart of the city center and in close proximity to the best that New Brunswick has to offer. These include easy access to hotels and entertainment joints as well as few minutes from the City’s train station. The apartment is designed to accommodate a complete work, rest, and play environment and features a gym and exercise areas, ergonomic apartment layouts and high-speed internet services. The Wasseem Boraie owned company adds that the apartment’s outdoor service area at the rooftop will feature a garden and BBQ space.
Find out more about Boraie Development: https://urbanedge.apartments/boraie-development-llc/