NBA Hall of Fame, Shaquille O’Neal who is also a Newark native, invested in his hometown as he kept in mind that his mother told him that the city used to be beautiful and somebody needed to invest in it to make it beautiful again. He lived up to that and completed the top floor of his apartment and retail building on Rector Street that is 21 stories tall. The 201 story building holds 169 rental units, which is totalling 184,000 square foot and 20,000 square foot left of rental space. It is the first residential high-rise building in the city in 50 years. The purpose of rebuilding the city is to rebuild the community and provide careers and opportunities for those who are from Newark, not just working with partners who just want to work on downtown towers.
The 21 story residential building began with the partnership of Shaquille and Boraie Development group, who is also to be considered the Kobe Bryant of development. The Newark governor thanked Shaquille for helping the city to reach its potential and the Mayor, Ras Baraka, states that it takes partners in order to do so. Mayor says without the states support and help, most of the projects that are seen today in Newark wouldn’t have gone up and it’s a great collaboration to have buildings and not just groundbreakings. According to the Mayor, Newark is attractive to the deep-pocket investors — in which the mayor and Golden Sachs helped finance the tower and a movie theater in the city a few years ago. You can checkout bloomberg.com for more details.
The Boraie Development group that helped made the success of the 21 story building is a company that offers a variety of services, mainly focusing on the urban real estate market within the New Jersey area. With Sam Boraie and Omar Boraie being the Vice President, Boraie Development specializes in working with investment organizations, architect creators and contractors who not only have a profound vision but can also meet deadlines to ensure time accuracy through every project. The Boraie team strives to build superb properties while providing unparalleled services to their clients as they put forth their vision, wealth and reliability within every project invested in. The Boraie Development group has a 30 year track record through their long-term ownership commitment to tenants, residents and financial partners. They work with properties including, retail, residential, student housing, hotel assets, and mixed uses as the company fills the rising economic demands. For more details you can visit rutgers.edu