Wasseem Boraie
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Wasseem Boraie is a vice president at Boraie Development LLC, an urban real estate developer in New Jersey. He has over 35 years of experience in the industry. The company focuses on developing urban real estate communities and currently has projects in Newark, New Brunswick, and Atlantic City. In recent years, the company has branched out into Atlantic City and has started new projects in Newark and New Brunswick.
The company’s headquarters is in New Brunswick, which was not considered a lucrative region for tourism for a long time. Boraie saw opportunity in this area because of its proximity to water. In addition, Boraie sees the city as a treasure for vacationers. He has plans for both the customer-facing side of Atlantic City sales as well as the city’s long-term health. He also believes the city has 100 years of tourism and is prime for revitalization.
The development
Boraie developed has a history of building innovative projects in urban real estate markets. The company has partnered with innovative partners to build several high-end projects. His company is currently developing a 22-story residential tower called 50 Rector Street. Upon completion, it will feature 170 high-rise condominiums and other luxury amenities. It is also expected to include a rooftop lounge. The building will have sweeping views of the city. The company also owns the CityPlex 12 movie theater on Springfield Ave.
The company has been developing a new project in Atlantic City for nearly a year. The company has spent $85 million to build the first phase of 600 apartments in the North Beach neighborhood. This is the first major market-rate project in Atlantic City in years. Within six months of opening, the development has already reached half capacity for leasing. Its success has surprised locals. Despite its size, the project’s success shows the potential of the city.
