logo korman

In 1962, Sam’s son, Steven, joined the family business, now The Korman Company. Between 1964 and 1966, they developed The Plaza, a white marble, circular high-rise in Center City, Philadelphia. The building was beautiful and had a prime location, but the contemporary apartment design with pie-shaped floor plans was a challenge to lease. Steven commissioned several Philadelphia designers to each furnish one apartment on a floor in a unique way. After a man touring the property expressed interest in renting the apartment fully furnished, Steven realized there was a whole segment of people that weren’t being served, those between the daily hotel stay and the annual apartment lease. In 1966, he revolutionized the apartment industry in the United States, offering fully furnished apartments with flexible leases.

Over the next 10 years, Steven expanded and enhanced this concept to a fully serviced furnished apartment with amenities packages, and housekeeping. Features that are considered apartment standards today, such as washers and dryers and wall-to-wall carpeting were innovations championed by Steven in the 1970s. By the early 1980s, after building more than 40,000 homes, single family, duplex, row houses, and apartments, Steven led the company’s residential division out of home building, and exclusively into the apartment and furnished suite business.

In 2012, Temple University’s Fox School of Business honored Steven with its prestigious Musser Award. It is the school’s highest honor for outstanding achievement, leadership, and commitment to the community by a distinguished member of business. On the evening he received the award, he surprised 20 Temple University sophomore students each with a scholarship.