Omar Boraie has Made a Huge Impact on New Jersey’s Economy

During the 1960s, the United States went through a major population shift. People were leaving the cities and moving to the suburbs. Several social and government issues prompted the move to the suburbs. The government was providing funding for housing for World War II veterans, and black people were migrating to northern cities to find work. Many of them didn’t find work, and that created serious social tension. The white population retreated to the suburbs to get away from the crime that infected cities in Eastern, Southern, and Western states. One of those cities was New Brunswick, New Jersey.

New Brunswick has a rich history. Historical records date back to the 17th century. Rutgers University was one of the first colleges to take advantage of New Brunswick’s location. Johnson and Johnson established their headquarters in the city, and the giant, family-owned, consumer-driven company has been part of the New Brunswick community for several decades. Omar Boraie, the Egyptian chemist, settled in New Brunswick during the mass exodus to the suburbs. Boraie wasn’t one of the people who believed the inner-city was doomed. Boraie saw an opportunity in the crumbling downtown New Brunswick in the 1970s. Even though the inner-city was filled with drug dealers and gangs, Boraie only saw investment potential in the old buildings and vacant lots. Click here to know more.

Omar founded Boraie Development LLC, and he went on a buying spree downtown. Boraie bought several old buildings on Albany Street, and he decided to develop the first high-rise office building on that street. The Albany Street Plaza One opened in 1983, and the building was quickly occupied by companies in the medical and pharmaceutical industries as well as other local companies. The high-rise was a smashing success, so Omar began another high-rise residential building on the property he bought on Spring Street. One Spring Street was the first residential/office/retail building downtown, and once again, Boraie created another winner.

Since then, Omar Boraie, and his three children, Wasseem, Sam, and Hiam have been busy developing the Albany Street Plaza Two high-rise office building, and a luxury residential building on Somerset Street called, The Aspire. Boraie is also developing land in Atlantic City and the company has developed a luxury residential property in Newark as well.

But the affable Boraie still has a place in his heart for the medical industry. Omar has always been interested in the ongoing and groundbreaking medical research that is part of the Rutgers Cancer Institute’s mission. Boraie was honored by the institute recently. The Omar Boraie Chair in Genomic Science is now part of the endowment campaign. Mr. Boraie pledged $1.5 million to support the new Genomic Science Chair. Omar’s Chair is part of Rutgers ‘18 Chair Challenge.

When all the work that Omar Boraie is on the table, it’s plain to see that Boraie and his investments have revitalized New Brunswick. He gave the economy of New Jersey a much-needed shot in the arm, when the state was struggling with social and economic issues.

https://www.bloomberg.com/profiles/people/5526418-arthur-p-becker


No Comments (yet)

Leave a Reply

Comments RSS Subscribe to the Comments RSS.