Recently, The Real Deal premiered a piece on the rehabilitation of Atlantic City neighborhoods to boost the economy and community. Not long ago, Wasseem Boraie, vice-president of Boraie Development renovated an old firehouse into a series of apartments, with successful results. City officials have recognized this kind of neighborhood refurbishment to be very healthy for the surrounding community. There is a fervent hope that the new gentrified areas will bring in more of the millennial generation. As it stands, the millennials only make up about 13 percent of Atlantic City’s population. More of them would lend itself to an economic boost in the neighborhood. Not to mention, refurbished and up-scaled real estate often improves the economy and sense of community in any area. To read the entire article on Atlantic City, go to The Real Deal website.
Wasseem Boraie’s development company is classified as a business and warehouse developer, but has recently stretched an arm into residential neighborhoods in Newark, NJ. His father, the founder of Boraie Development LLC, found great success in attracting investors to his projects in New Brunswick through an innovative technique. Some developers focus on one large project at a time to attract investors and customers to the area in question. Omar and Wasseem have changed the game by running several smaller sized star projects instead of one giant project. This method carries with it some risks, because investors sometimes get impatient. However, a large clump of projects promises large change in any given area.
New Brunswick, with its rehabilitation projects has seen an economic boost since Omar Boraie implemented them. Now, Newark is seeing similar interest from potential investors after Wasseem Boraie spoke about it recently. With new investors, the projects will be able to move forward as planned. With new homes being built in old buildings and new renovations on previously unsafe properties, the community will see a powerful improvement. Not only do businessmen want to invest in communities, but home-owners and civilians do too. Any area that is improved to include the needs of the people will get a very positive return. Communities will become safe and proud again when people can have a sense of pride in their homes. Economically, new home-owners and new people can only benefit a neighborhood. Boraie’s projects can only mean good things for Newark in the future, and good things for Atlantic City as well.
The Casino Reinvestment Development Authority, gave a $20 million loan to the Middlesex county improvement authority, which they have not yet paid along with the $1 million principle which had accumulated. The loan given in 2005 was to fund the construction of The Heldrich, a hotel and conference center, developed by Devco.
The hotel which has 235 rooms was opened in 2007. It has been struggling to attract guests, and last year its occupancy rate was 63.3%. The hotel has a such a shortage of money, that the cooperation had to put in $776,000 to fund basic expenses, like buying mattresses. The $20 million loan on northjersey.com was part of a $107 million loan, put together for the construction of the hotel. The authority has however already accumulated $7 million in missed payments.
Despite the problems the hotel is facing, it has made some economic impacts. According to Mr. Paladino this include the employment of 223 union workers, 100,000 visitors to the hotel and $1.2 million in real estate taxes. He also says the money will eventually be paid, although it may take some time. A detailed explanation of the crisis the hotel and the improvement authority are facing was in the press of Atlantic city, and can be accessed through the link: http://www.pressofatlanticcity.com/news/breaking/unpaid-million-crda-loan-raises-questions-about-new-brunswick-devco/article_a03318e2-dcdb-11e5-a563-67611bc7b7bc.html
About The Developers
The New Brunswick Development Cooperation, also called Devco, was formed in the 1970’s, and is a non-profit real estate organization. The company was founded by Richard B. Sellars the then executive for J& J. The cooperation is currently headed by attorney Christopher Paladino. It was established with an aim to help the city’s’ restructuring.
Their different approach to the job on pressofatlanticcity on has led to their overseeing of over $1.6 billion worth of investments, in the New Brunswick area. They deal with strong public private partnerships, innovative financing and strategic alliances. They focused on a small area of about 10 blocks, around the New Brunswick train station.
An article that recently appeared in the The Real Deal discussed recent New York Luxury Real Estate statistics. The recent statistics demonstrate that the city is still a very popular place to settle. The fact is that people are scooping up real estate property and settling in the city and surrounding areas at a dramatic rate. New York Real Estate is definitely hot. Manhattan and Mid-town are home to luxury apartments and they are disappearing off the market. Furthermore, Brooklyn offers more affordable housing. That section of the city noticed a rapid decrease in real estate properties for sale.
Strong Real Estate Market
Industry insiders state that November was a very strong month for Real Estate properties in the city. Luxury residential properties were at the top of the list. Commercial properties saw rentals and leasing skyrocketing. Furthermore, the asking price for commercial properties rose significantly too.
Thousands of new residents settle in New York yearly. Those new residents require a place to settle down. Therefore, they search for a real estate firm with expert knowledge of the city and all the different sections. Town Residential is one of the top luxury real estate firms in the city. In fact, they are one of the most well-respected firms in the country.
The firm arrived on the map back in 2010. However, they’ve managed to quickly gain great respect as one of the top luxury firms in the city. This includes luxury residential properties along with commercial properties. Their firm includes a team of very knowledgeable real estate professionals that are very familiar with the city and surrounding areas. The firm manages to gain and keep the respect of those in the industry and their clients through their dedication to providing top level service. Their approach to real estate marketing, management, sales, and satisfying clients will keep them going strong well into the future.