Omar Boraie sees diamonds in New Jersey’s rough

In an article on Patch, New Jersey has long been a state of extremes. It features some of the wealthiest people in the world, on the one hand, yet, on the other, it has some of the most downtrodden cities that can be found anywhere in North America. Places like Camden, New Jersey are symbols of urban neglect and incarnations of all the social ills that affect the nation as a whole.

One of many of the New Jersey cities with rapidly decaying urban centers has been the Newark. Once a thriving manufacturing town, like so many of its rustbelt counterparts along the east coast and in the Midwest, Newark fell into sharp decline in the early 60s and never fully recovered. The city followed the national pattern. Once a city gets to a certain level of poverty and demographic change, there is little chance of it ever really making a true comeback. This has been seen in cities from Detroit to Oakland to Atlantic City. Once great towns fall below a threshold beyond which no investor wants to touch it.

But there is one man who has found a way to short-circuit that pernicious loop. Sam Boraie has made a career out of placing large and risky bets on New Jersey’s most neglected cities. Boraie has a track record of making the impossible come to life. As a key leader in his firm, Boraie Development, he oversaw the complete transformation of downtown New Brunswick from forbidden slum into a 21st century beacon for aspiring professionals.

With such successes under his belt, Boraie has now turned to one of the state’s most blighted and challenging cities, Newark. He has partnered with NBA superstar Shaquille O’Neil to bring to fruition a 26-story high rise apartment complex featuring some of the most luxurious living conditions and cutting-edge amenities in the state. The plan was to compete with the shockingly overpriced penthouses of Manhattan, stealing away the young professional class who expects state-of-the-art luxury but doesn’t want to be subject to debt peonage to get it.

One Riverview, the first high-rise built in Newark since 1962, is scheduled to open this fall. It has already sold out.

See more: https://www.crunchbase.com/person/omar-boraie#/entity