50 Rector Park is a new apartment building located in Newark, New Jersey. A ribbon-cutting ceremony was held for it in the middle of 2019, which felt more like a rally. It’s a building that holds a great deal of meaning to Newark residents as it feels like it marks a turning point in the city’s trajectory. The ceremony was attended by Omar Boraie and his two sons, Wasseem and Sam. They are the leaders of Boraie Development, the company that had this building constructed and will be managing it. The building is 22-stories and has a mix of studio, one- and two-bedroom apartments. All of the apartments have access to first-class amenities. While speaking at the ribbon-cutting ceremony, Wasseem Boraie said that it took over a decade to get this project completed.
Boraie Development is based in New Brunswick. Omar Boraie is seen as the entrepreneur that turned around the fortune of that city. He now wants to do the same in Newark. He says that when he told people in 2006 that he wanted to build in Newark, they told him he was crazy. He believes in Newark and is willing to do what it takes to revitalize it. After four months, 55% of the apartments are already leased out. Omar Boraie said that his company isn’t the only one responsible for the success of 50 Rector Park. He credited the city administration and everyone in the crowd who was there to celebrate. He called out the New Jersey Economic Development Authority and Goldman Sachs for their patience with this project.