The young vice president of Boraie Development, Sam Boraie, hastily dismisses those who say that investment in downtrodden communities like Newark is foolish. He cites his own company’s impressive track record of taking on projects that no one else would touch in areas that inspired fear and generated a disproportionate number of grisly news stories. But today, Boraie development has established itself as wiser than its critics. Sam Boraie is an executive worth watching, as his company attempts the same magic act in Newark that it pulled off with stunning success in New Brunswick. View Sam Borie’s crunchbase page to learn more.
Everything old is new
Sam Boraie’s latest project involves transforming a derelict malting factory, originally a dazzling example of industrial Art-Deco architecture, into a 23-story, mixed-use residential and retail space. This represents a huge bet on the part of Boraie, who admits that he probably could not have secured traditional financing for such an ambitious project in such a challenging market.
But he hasn’t compromised on the product. The project, dubbed One Riverview, is to be an imposing 23-story residential tower that will retain the Art-Deco facade of the old malting factory. It’s being built in a highly troubled area. But that doesn’t bother Boraie in the least. And he speaks with considerable authority on the subject. In a report by Bloomberg, as vice president of Boraie Development, he’s participated in similar revitalization projects that are largely credited with the comeback of New Brunswick, New Jersey, a town that was once in the same dire condition as Newark.
For the construction of One Riverview, Boraie has teamed up with basketball legend Shaquille O’Neil. O’Neil has also been involved in civic leadership around his home town of Newark and is personally investing in the project. The duo hopes that they can replicate the astounding success other Boraie developments have had throughout New Jersey in bringing neglected urban neighborhoods from the bottom of the trash chute to the penthouse.
One Riverview will also feature over 7,500 square feet of retail space. Boraie says the project will serve to test the waters. If he likes what he sees, he says he would strongly consider bringing in top-end office space to the city as well.