Located at 199 Pierce St. here, the property has one-third of its units designated as furnished corporate apartments. Korman is generally considered to have originated the concept of the short-term corporate apartment back in the early 1960s. The rest of the new property's units are available as market-rate rentals, according to company co-president, Bradley Korman.
Korman Communities develops and currently operates a portfolio or nearly 10,000 apartment units in the eastern US from New Jersey to Georgia. The 199 Pierce St. complex is the company's first in the Garden State, and company officials say they plan to expand into the New York market in the near future.
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