Omar Boraie is the founder of the renowned real estate developer, Boraie Development. For over four decades, the company has continued to revitalize the city of New Brunswick. Omar laughs as he narrates how people and other real estate professionals doubted his plan of rebuilding the city. Omar Boraie is a scholar of chemistry. He holds a doctorate degree in chemistry from the prestigious Rutgers University. As a traveling Scholar, Omar was fascinated by the different buildings that he saw in different European cities.
He posits that when he started investing in the region in 1972, people could hardly walk on the streets past four o’clock. Many families had left the city. However, Omar realized that he could do something to bring people back to the city and make it thrive again. During that time, there were 21 dilapidated buildings, all of which were vacant. He did not buy them at once. He started by purchasing one until he owned all of them. Later, he went to the city and announced that he had innovative ideas that would rejuvenate the economy of the region. Omar laid out his strategic plan for the city. No one believed in his dream. Today, most people believe that he was head of time.
Omar started by constructing Albany Street Plaza Tower One. This building has 250,000 square feet of office spaces. Tower Two, which was developed next to Tower one, added more office spaces. By this time, there was an influx of people to the region. The increase in population inspired Boraie Development to develop a 25-story building known as One Spring Street. With 121 residential units, people could be able to work and live in the city. His son, Wasseem Boraie, posits that people thought that his father was making a mistake by building such a condo in New Brunswick. Wasseem and his two siblings serves as the vice presidents of the family business. Omar credits other people and institutions for believing in his vision and playing an integral role in revitalizing the city. See also.
Boraie Development utilizes its own capital besides sourcing for funds from renowned commercial banks to develop different properties. So far, their projects have attracted many financial partners, tenants and residents, who have appreciated their ownership commitment. The company maintains its properties by undertaking regular physical improvements. Their property management function zeroes in on customer service, leasing, administration, marketing, maintenance and accounting. Boraie Development’s sales and marketing team has managed make over $150 million in commercial and residential transactions. Boraie Realty is the company’s subsidiary, which is mandated with the sales and marketing functions.
Over the years, Omar has engaged in various social responsibilities aimed at enhancing the livelihoods of different communities. He has also supported various noble initiatives. After visiting Bristol-Myers Squibb Children’s Hospital, he talked to young cancer patients. To this end, Omar started donating towards cancer-related initiatives. He has also been a big supporter of Rutgers Cancer Institute where he has donated $1.5 million through the Omar Boraie Chair in Genomic Science. His goal in life is to see New Brunswick become a research and development hub.