Boraie Development has built some of the most popular residences in New Jersey and has helped to ease the pressure on the state’s surging real estate market. With a shortage of housing looming nationally, the extraordinary real estate work being done in New Jersey by Boraie Development is helping the state provide needed housing in some of its most densely populated cities. According to a Philly Purge article, the percentage of delinquent and foreclosed mortgages in New Jersey had been among the highest in the country. But as employment rates rise, a new more positive trend is developing.
With high interest rates and people’s inability to afford mortgages, the demand for affordable housing in New Jersey and nationwide is increasing to almost crisis level. But there appears to be a real estate renaissance beginning in New Jersey. Home values are rebounding and more people are holding on to their homes in anticipation of higher potential profits if they wait and sell later. This has shifted a growing number of people’s interest to apartments with accessibility to mass transit. As the number of available, affordable, conveniently located apartments with all the modern amenities rises, it will help to ease the housing crunch in New Jersey.
For over 40 years, Boraie Development has been in the forefront of real estate development in New Jersey. Founded by the visionary Egyptian immigrant Omar Boraie in the mid-1970s, the company has long been instrumental in breathing new life into cities like New Brunswick and other parts of New Jersey. While others were fleeing dilapidated, burnt out sections of many cities because they felt they were dangerous and unproductive, Omar Boraie saw the potential for a bright future. Working with his children, he has been able to improve vast tracts of New Jersey’s downtown areas and attract economic investment in them. Check out their website boraie.com
According to Rutgers, Boraie Development has a reputation for creating Class A office space and spectacular residential properties. Now one of New Jersey’s top real estate companies, Boraie Development primarily uses private sources of capital to fund its projects. Plus, the company works with top architects and contractors with a clear vison of the potential of the projects and the ability to successfully complete them in a timely manner. The Boraie Development team also offers exceptional property management, marketing and sales services. Their commitment and ability to address New Jersey’s real estate needs makes them an industry leader.
Information from Press of Atlantic City revealed that a loan received by the Middlesex County Improvement Authority from the Casino Reinvestment Development Authority is yet to be paid. The Middlesex County Improvement Authority has an accumulated debt of approximately $7 million in arrears. The loan was used to construct a hotel and conference center called The Heldrich. The New Brunswick Development Corp. was the developer.
The Atlantic City Development Authority, which is a firm associated to the New Brunswick, is set to oversee projects worth over $200 million. Christopher Paladino heads both the New Brunswick and the Atlantic City Development Authority. He said that although the Heldrich loan may take longer to be paid, it will eventually be paid. This is because the hotel is not yet well established in the market. Christopher Paladino said that although the hotel is currently not able to repay the loan, it pays its workers and real estate taxes promptly.
DEVCO was founded in the mid-1970s. This company is focused on real estate development. The New Brunswick development Corporation is a non-profit organization. The company is keen on promoting partnership between the private and public sectors in real estate. The company mainly operates in New Brunswick, New Jersey. In conjunction with other stakeholders in the sector, the organization has managed to come up with very impressive projects. Its activities in real estate and development are to ensure that New Brunswick is at the same level with other cities in the country.
Since it was founded, Devco has been a part of investments worth over $1.6 billion. The company will take part in even bigger projects in future. Some of its past projects include the Rockoff Hall University Apartments, the Heldrich, and the New Brunswick High School just to mention a few. The company is guided by strong work ethic and principles.