Entrepreneur Shaq: New Jersey Development Nears Completion

June 14, 2019

Usually, the butt of jokes, the city of Newark, New Jersey is hard at work rebuilding its image and its downtown area. NBA legend and entrepreneur Shaquile O’Neal was born and raised in Newark, and  is part of the redevelopment effort through his investment in a new residential building in the downtown area.

The new building is officially called 50 Rector Street (the address, of course), but some are also calling it “Shaq Tower.” The building is a new residential center, with 168 units, many with a view of New York City not too far off in the distance.

Newark is the biggest city in New Jersey, just a few miles west of New York City. It’s been going through a bit of a rebirth and rebuilding lately, and Shaq is an investor in one of the real estate development companies making some big moves.

One of those companies is headed up by developer Wasseem Boraie. He told the website NJ.com, “Newark is a beautiful city, you’ve just got to show it right. People don’t get the full effect of how gorgeous the city is.” The new building is right at Newark’s new core of development, nested up to the Passaic River.

Most residents of the new building will get a great view of the river, and – if the weather is clear – there’s a nice view of New York City’s skyline. The building is set to open later this month at a finished investment of about $80 million dollars.

Talking to the local media sources, Shaq said “It’s going to go down as the most historic building in Newark. Second of all, it’s going to continue to beautify our city.”

Residential units in the tower are already up for rent, with fairly reasonable prices for living space in the New York area. How much? Studios start at about $1,800 a month, one-bedroom apartments go for around $1,950, and $2,700 for a two-bedroom.

All apartments have nice floor-to-ceiling windows that offer –  depending on which way your apartment faces – offer panoramic views of the Manhattan skyline or of Newark’s downtown. The roof will have cabanas, TVs, grills and, of course, an uninterrupted view across the river to New York City. The building will include office and retail space on the ground floor, and will also include a gym, a library and a large dining room for residents to use.

Developer Boraie said “No one’s ever built a building like this in the city of Newark.” His company bought the property – which had been a city high school – back in 2013.  Now there’s other projects going up nearby, and there’s a Whole Foods store just around the corner.

Shaq and Boraie are far from done: Plans are moving ahead for another building, an even-larger apartment tower a few blocks away, not far from the New Jersey Performing Arts Center.

Shaq says he knows this building – and others he’s working on – will be a success. “I got relatives calling, ‘Oh my God, this building is so beautiful, can I live here?’” he says. Shaq grew up in a city neighborhood called the Central Ward, and he still visits the city once or twice a month. Shaq says Newark “was the most beautiful place in the world” when he was young. Now he’s working to make it a destination location again.

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