AKA Makes Foray into Lower Manhattan

NEW YORK CITY-Korman Communities will bring its AKA brand of extended-stay accommodations to Lower Manhattan with AKA Wall Street, the redevelopment of former student housing at 84 William St. The purchase price was not disclosed; however, Rodrigo Nino, CEO and founder of Prodigy Network, describes the venture as “a $110-million project” and a partnership of Korman, Prodigy and Shorewood Real Estate group plans to spend $40 million on the redevelopment.

“AKA Wall Street marks our first venture in Downtown Manhattan and is part of our overall vision of expanding more within New York City,” says Brad Korman, co-CEO of Korman Communities. “With all of the new development, luxury retailers and fine restaurants opening in the Financial District, we are confident in this market and found that there is a need for luxury long-stay accommodations here.” There are four existing AKA locations in Manhattan: AKA Times Square at 123 W. 44th St.; AKA Central Park at 42 W. 58th St.; AKA Sutton Place at 330 E. 56th St.; and AKA United Nations at 234 E. 46th St.

Formerly dormitory space for the New School, 84 William dates from the early years of the 20th century. The $40 million of planned renovations will include a newly upgraded lobby as well as the addition of a lounge, café, fitness center and outdoor space for residents' use. It will feature approximately 140 suites ranging in size from 450 to 1,000 square feet.

The AKA brand was launched in 2006 to cater to business travelers and affluent customers who require accommodations for a week, a month or longer. Over the next three to five years, Korman Communities plans to add eight to 12 properties to the AKA portfolio in New York City, Washington, DC, Los Angeles and London. In Manhattan specifically, the company is looking at the Financial District, Tribeca and Soho.