New Brunswick-based property developer and manager Boraie Development LLC was the first company to build a market-rate apartment complex in Atlantic City in almost five decades. Some “experts” said they were crazy and it wouldn’t work. V.P. Wasseem Boraie was happy that the experts were proven wrong. The units filled up at a much faster pace than was expected. This complex, NoBe (short for North Beach), is in a desirable location and offers enticing amenities. It is located near Atlantic City’s two newest casinos. There are 250 units split between three buildings. Both blue- and white-collar professionals have been attracted to it, in part because it offers an affordable rental amount. Maritza Busch, NoBe’s director of leasing, said that it has restaurant owners, casino workers, plumbers, electricians, doctors, and police officers as tenants.
The neighborhood it is located in is near the new Ocean Casino Resort. Located in what is locally known as Pauline’s Prairie, past attempts at urban revitalization have failed. Boraie Development and other builders have now had success rebuilding this neighborhood. People and city officials are especially excited that a supermarket will soon start doing business in the neighborhood. Wasseem Boraie says he is happy that his company got in early on this opportunity.