Newark is a city on the rise. Insiders from the construction and investment sector believe that the city is receiving simultaneous projects that will help in creating a market as well as giving different real estate options for potential residents.
Newark currently boasts of 5-10 major class A projects in the construction sector. This comprises of thousands of units. According to Wasseem Boraie, The executive vice president of Boraie Development LLC, the model of providing choices that have proven to be effective in other cities such as Jersey City and New Brunswick will bring about more investment opportunities as well as private capital to Newark.
It has to be noted that panelists have agreed on the opinion that opportunities turned projects would take some time before any benefits from them can be experienced. Richard Tucker, the CEO of Tucker Development, has echoed this concern. Tucker’s firm is one of the leading investors in the city with completed and ongoing projects valued at about $130 million.
Even with the challenge of bringing these projects to the finish line, some investors believe that the current momentum of the city will attract the real estate investors looking to exploit opportunities in Manhattan and around the Hudson waterfront. Jose Cruz, a senior managing director with brokerage firm HFF, agrees with this notion. He has also admitted that there haven’t been enough investment opportunities to date to bring about the large capital. He is hopeful though that his firm could redefine the market and show exactly where the capital wants to be.
Boraie Development has been at the forefront of development in New Jersey especially in terms of real estate. Omar, the president of this company, started rebuilding the city at a time when people thought he was crazy. Nonetheless, his company has brought about the change and development that is needed.
Boraie Development LLC started their influence on development in the city of New Brunswick with the construction of Albany Street Plaza Tower One. Tower two was later created in 2003 to help the city increase its number of class A offices. Boraie Development LLC’s management then constructed top class residential units, as a measure to meet city’s real estate needs perfectly.