"We're going to open a 'wow' boutique property," says Steve Korman, founder of Korman Communities.
, their father, can rightfully take credit as the inventor of flexible-term housing.
The company - founded in 1909 by his great-grandfather Hyman Korman - is a family affair: His father, Steven Korman
, 67, is the chief executive.
"When Korman Suites started in 1962 and 1963, we created something that we thought was very special and did it in areas that were good areas but you wouldn't say they are Triple A areas," said Steven H. Korman, CEO.
"These properties are in Triple A locations," Korman
said, adding they are spots where people want to be.
has spent about $15 million to gut the properties if need be and redevelop them into new apartments with fine appointments that would make a visitor feel right at home.
Sometimes it's old hotels and apartment buildings that are being redeveloped; other times it's old office buildings.
The units vary in size but have ample living rooms, some with balconies, bedrooms and baths with fine linens and towel and fully loaded kitchens with limestone and granite countertops.
All come with hotel amenities such as housekeeping and others have concierge service on site.
It's the combination of a prominent location with high-end accommodations that Korman
team believe will find an audience for aka.
"It's recreating apartments with hotel services," Korman
In all, Korman
has developed nine aka properties with plans for more.
"It's growing pretty rapidly," Korman
AKA Times Square is the fourth Manhattan property for the burgeoning and innovative AKA brand of luxury extended-stay hotel residences that are being selectively rolled out worldwide by Philadelphia-based real estate developers Korman Communities, a fourth generation family company led by CEO Steven Korman with sons Larry and Brad as co-presidents.
As a fourth-generation family company, CEO Steve Korman leads Korman Communities and the co-presidency of AKA is headed up by Larry, who handles the general operations of the properties, and Brad, who handles portfolio acquisitions.
grandson, Steven Korman
, developed the concept of Korman Suites in an apartment building along the Benjamin Franklin Parkway that is now an Embassy Suites.
Slow to rent the pie-shaped apartments, Steven Korman
decided to furnish one as an example of how the unit might look.
Then someone wanted to rent the furnished apartment for a few months but not as long as a year.
"All of a sudden it hit him that there was a need for a whole realm of lodging for someone who needed a place for six months," said Brad Korman about his father Steven