The Philly Purge recently ran an article about one of Boraie Development’s residential towers in the state of New Jersey. The article says that there are severe housing shortages in New Jersey as well as too many homes where the mortgage is either in foreclosure or hasn’t been paid in quite a long time. Addressing the housing shortage issue is paramount to addressing home affordability issues in a state that is densely populated.
Realtor Chief Economist Lawrence Yun had said that in the short term he expects that the housing shortage is going to get worse before it gets better. There’s presently too many buyers and not enough sellers when it comes to single family homes. He thinks there’s an inventory bottleneck and once that is resolved it could lead to too many new properties going up for sale at once. This will create a situation that will result in sellers rushing to sell their homes which could make the situation go from bad to worse.
According to NJ Biz, Boraie Development is one of the companies looking to improve the real estate situation in New Jersey. They have been considered one of the best property developers in the industry. This company was founded over twenty years ago and is headquartered in New Brunswick. For the most part they use privately raised capital in order to fund the towers that they build. Over the years they have partnered with commercial banks as well as professionals in the real estate industry like architects and construction companies. The professionals they do business with are those who are excellent when it comes to meeting deadlines in a high-quality manner. For more details visit Crunchbase.
The towers that Boraie Development builds and manages are mostly luxury properties. The residential units can be condos or apartments depending on what the New Jersey market needs more of. Their building also usually include office space on the lower levels and spaces on the street level for retail businesses to inhabit. They manage all of the properties they build including marketing, sales, and maintenance.
Sam Boraie is the owner and chief executive officer of Boraie Development. He is originally from Egypt and he says that New Brunswick now looks nothing like it did when he first arrived in 1972. He said there were far too many uninhabitable and rundown properties and night it was a ghost town because of all the crime. Due to his efforts and others New Brunswick now has a thriving downtown.