There are areas in the state of New Jersey that are facing housing shortages. Many people in these areas are not selling because the value of their homes keeps increasing due to these shortages. There are also homes that were foreclosed on a while ago but the banks who now own them continue to sit on them rather than sell. This probably won’t be fixed soon or easily because housing permits have been dropping in these already heavily populated areas.
Other areas of New Jersey are doing fine, though, especially those close to mass transit location. These areas are also very desirable to move to but because they feature great available housing inventory their markets are doing fine and home prices are not shooting up. People moving to these towns are also helping create new jobs which leads to a better job market, and therefore housing market, which is also increasingly making these places desirable.
According to NY Times, Boraie Development, LLC is a New Brunswick-based firm that builds residential properties in New Jersey. Their specialty is building residential towers in urban settings. Their first tower was in downtown New Brunswick and it was completed in the 1980s. Since that time they have developed a number of other towers around town. They are also building an apartment complex in Atlantic City as that city has once again become a good place to live after years of difficulties brought on by many casinos closing their doors.
When Boraie Development completes a new building they then manage the property in-house. They handle their own marketing and sales as well as property maintenance. They are very experienced at identifying professionals in the industry, such as architects and contractors, that they want to be involved in building their urban towers. Check out State Theatre New Jersey to see more.
Beyond residential properties Boraie Development also has built other types of properties including retail, offices, hotels, and student housing projects. One of the latest projects this privately held company completed was a luxury tower called The Aspire which is located in downtown New Brunswick. It is 17 stories high and located right next to the New Brunswick Train Station. It has 238 units which are a mix of studio, one, and two bedroom apartments. It offers the top amenities in the city such as a 24-hour doorman service to its residents. Another highlight is a private parking garage which has an elevator that goes directly to the lobby.