Government officials and private businessmen celebrated on April 10, 2018, when the new building going up at 37-39 Rector Street was topped-off. This building is the first high-rise and market-rate structure in Newark, New Jersey in over five decades. It will have 169 units for rent plus 20,000 sq ft which will be used for retail space. This building is called One Rector Street but most people in the region are calling it “Shaq Towers”.
Boraie Development is the private company building this project. One of the big investors in it is Shaquille O’Neal, the retired NBA star, hence why people are calling it “Shaq Towers”. Executives of Boraie Development attended the topping-off ceremony along with Shaquille O’Neal and government officials like the governor of New Jersey and the mayor of Newark.
Talking about this project, Sam Boraie of Boraie Development said that the city government of Newark proved to be vital to getting it started and completed. He said it was a private-public project but that doesn’t mean the public paid for this building. Instead, the mayor made sure his company was responsible for getting One Rector Street built. His company built this project with funding from Goldman Sachs and their other business partners. He said the city and state governments came in later in the project as it was developing. For more details you can visit boraie.com
Boraie Development chose Gilbane Building Co. to handle the construction of this tower. It will be completed just before the end of 2018 and Sam Boraie says that he thinks leasing activities will start in October. He thinks all the units in the building will be occupied by the summer of 2019. He also said that it is a luxury development but will also offer affordable rents. Check out Crunchbase.com
Boraie Development has been in business since the early 1970s. It was established by Omar Boraie, an emigree to the United States from Egypt. They are based in New Brunswick and have built a number of buildings in that city over the past four decades. It was just recently that they started to branch out to other cities in New Jersey, Newark and Atlantic City in particular.
They have another building in the planning stages to be built in Newark. They are also just finishing up an apartment building in Atlantic City. This apartment building is geared towards millennials with the mix of amenities it offers as well as its location.
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