Boraie Development and former NBA star Shaquille O’Neal teamed up to build a new residential tower in Newark, New Jersey. It is formally known as 500 Rector Park, informally as Shaq Tower. It is 22 stories tall and has 168 apartments. Omar Boraie stated that it is already 60% leased. Speaking to NJ Advance Media, Omar Boraie stated that it took a long time to get this project completed. It took believing in the future of Newark, the building, and his company’s partners. He called development a team sport rather than one any company can do on its own.
Omar Boraie is credited with reviving New Brunswick by developing buildings there. He now wants to do the same thing in Newark. He decided to enter the Newark real estate industry in 2006. People told him it would be crazy to build there but he believed in this city. He says that once you believe in a city you are willing to do what is necessary to succeed in it. A studio apartment costs $1,800 a month at Shaq Tower. A one-bedroom apartment is $1,950 while a two-bedroom unit rents for $2,700. It has a 120-car garage where residents can park for $150 a month. Shaquille O’Neal has established a strong business track record since retiring from the NBA. That includes becoming an investor and restaurant franchise owner. He owns 27 Five Guys locations and a Krispy Kreme Doughnuts location in Atlanta. He founded a fried chicken restaurant in Las Vegas called Big Chicken. He also established a fine dining restaurant in Los Angeles, which is Shaquille’s.