A 17-story residential high-rise that features luxury living conditions is taking shape in New Brunswick, New Jersey. The Aspire, as it is named, will offer among its amenities, a community kitchen with a lounge, a rooftop patio, and garden, a green roof, on-site parking, a state of the art fitness and yoga center all with a doorman on duty 24/7.
This new edifice which is being built to the tune of $77.2 million could not have happened, said Omar Boraie of Boraie Development, without the help of the EDA’s Urban Transit Hub Program and the New Jersey Housing and Mortgage Financing Agency. As little as 15 years ago New Brunswick was much more of a transient town but now it is a more sophisticated. Check out Central Jersey Working Moms for the details.
Their Aspire leasing office will not open until the end of the month, but already there has been a huge response from potential tenants which are willing to pay $2,800 a month for a two-bedroom apartment. Their architect firm, Costas Kondylis & Partners has also designed all the Trump buildings in New York, and they expect the tenants of these luxury living quarters to be the who’s who of the New Brunswick area.
The Boraie Development, LLC, for 30 years or more has worked to enhance the urban neighborhoods in New Jersey. Their investment strategy in these communities has an intrinsic value due to redevelopment activities. Boarie Development is not just about building rental units, but also develops properties with mixed use potential by building retail buildings. Moreover, Boarie offers leasing, property management services, accounting, and maintenance.
They are in partnership with Shaquille O’Neal which has enabled them to develop residential and commercial real estate in Newark and other areas of New Jersey. An old theater building in Newark has been turned into the CityPlex 12. They also built a new residential $60 million housing tower in the downtown area of Newark that is the first new housing to be developed in that area in fifty years. There is a large retail complex being built in Atlantic City as well as more developments in New Jersey.
According to NJ Biz, Omar Boraie has had for over 40 years a vision of New Brunswick becoming a thriving metropolis, even though people thought he was crazy. They have been debased of that idea with the building of a twenty-five story condominium which is the tallest building in New Brunswick with 121 rental units, 10,000 square feet of retail spaces, 40,000 square feet given over to office spaces and a parking area with 400 spaces.