Retired NBA player Shaquille O’Neal is no stranger to investing. The USA Olympic gold athlete has invested into businesses such as car washes, Auntie Anne’s pretzel restaurants, Papa Johns, and a burger place in Los Angeles called “Shaquille’s”. More recently, Shaq has made a move in residential real estate, opening an $80 million dollar luxury apartment building called Shaq Tower in his hometown of Newark, New Jersey.
Residents of Newark have witnessed several developments to the city over the last few decades. Oneal’s 22 story tower is located near the New Jersey Performing Art Center, which was built in 1997. Shaquille said that the tower, “will continue to beautify our city.”
Units prices begin at $1800 a month for a studio apartment. The building holds over 160 units and is about 60% leased since its opening this summer. O’Neal partnered with developer Wasseem Boraie and has plans to establish a second property which would hold over 300 units.