Newark’s Real Estate
Some new residential projects are in the making in Newark, NJ. At first, some panelists of real estate leaders at a previous Newark CRE Summit were making a big deal about the development of one big building, and Wasseem Boraie of Boraie Development stated that consumers were not going to come to a huge city for just one project. With all of this in mind, the panelists focused on new investment and construction opportunities. And as a result, they now have five to 10 projects of major A class that are either in the pipeline or in construction, according to Boraie. This is much more promising than with the previous excitement of just one big building because that gives more options for prospective residents.
A model is being used now that successfully worked in other cities, such as New Brunswick and Jersey City. Additionally, these choices lead to the possibility of attracting private capital and more investment opportunities. The projects, on the other hand, takes some time to complete, according to Richard Tucker, CEO of Tucker Development. He also stated that these projects consist of city and state subsidies; traditional debt; and private capital. Also, an Illinois firm, Tucker’s Highland Park, is working on opening a project called Springfield Avenue Marketplace in Newark. Additionally, the brokerage firm, HFF, senior managing director, Jose Cruz, stated the momentum in Newark will increase in attracting real estate investors who are seeking opportunities around Hudson waterfront and in Manhattan. He also stated that this hasn’t happened yet, but they are hopeful.
About Wasseem Boraie
Wassam Boraie, one of the real estate leaders mentioned above, is the vice president of Boraie Development. He has been holding this position since January of 1999. He’s part of Greater New York City Area Real Eatate. Also, he attended the New York University, Leonard N. Stern School of Business from 1990 to 1994, and he has received a bachelors of science degree in International Business/Finance/English from there.
From only having one big building to having five to 10 residential projects in the making, Newark is looking on the up and up. Not to mention, out of state realtors are also making their mark in the Newark real estate market. And even though the process takes some time, it is very promising for the city.