Home Real Estate Market • The Shaq Tower and its Milestone

The Shaq Tower and its Milestone

The latest news in Newark, New Jersey, is that the “Shaq Tower” marks a milestone for the city and more. This development, completed by Boraie Development has been a long time coming, at least according to NJTV News. The tower was built on the foundation of a story told by basketball star Shaquille O’Neal and his mother upon their visit to his hometown in 1992. While they were visiting relatives his mother remarked how beautiful Newark once was, and that if someone were to invest in it it could be. Giving her son the elbow, Shaq took it as a hint that he could be the one to invest into the city.


Omar Boraie had no idea that this development would become such a success. This tower was a 20-story building with a 168 units, the first market-rate building to be built in decades. Although the building is being marketed for its rental units in apartment living, the building will also serve as a retail space in the area below. The Mayor of Newark is exceedingly grateful, showing tremendous appreciation to Shaquille O’Neal for not forgetting his roots. The Mayor had made the statement recently that he viewed the deal as being possible because he had good partners to work with. He also made it known that projects sit and often lay dormant unless the support they rely on from the state comes through. You can visit wsj.com for more details.


It’s no surprise that the city of Newark as a whole is grateful for the work and investing that Shaquille O’Neal was willing to put into the development. The best part for the Mayor wasn’t just the groundbreaking, but seeing the finished product; a building that actually went up and is being utilized to drive revenue into the city Newark. Goldman Sachs, the financing behind the project came from the efforts of Goldman Sachs, and with a new movie theater cropping as well the city is now attracting the views of investors that have deeper pockets.


The Managing Director of Goldman Sachs, Margaret Anadu was pleased to see that there was an interest in a development project that took place within the community. It is no longer about projects that are all about high-rises and sleek office buildings, but about projects that can bring more residents into the city to live and work. While the project was backed by an NBA all-star the project still remains in the eye of the community as something that creates jobs and causes Newark to be fruitful. For more info you can visit centraljerseyworkingmoms.com


Visit: https://local.yahoo.com/info-11014537-boraie-realty-new-brunswick