David Lichtenstein
| David Lichtenstein | |
|---|---|
| Born |
David Lichtenstein 1960 Brooklyn, New York City |
| Residence | New York City |
| Nationality | American |
| Occupation | Founder and CEO |
| Years active | 1988-present |
| Employer | The Lightstone Group |
| Known for | Real estate |
David Lichtenstein is an American entrepreneur and real estate investor. He is best known as the founder and CEO of The Lightstone Group, which he founded in 1988. During the early years of the Lightstone Group, Lichtenstein focused on investing in multifamily properties. He rapidly grew his portfolio in the 1990s, before diversifying his portfolio and moving into retail. Lichtenstein then acquired Prime Retail for $638 million in 2003, seen as one of the largest retail purchases in United States at the time.
Since 2007, Lichtenstein has been responsible for some of the largest acquisitions and sales in the retail and hospitality sectors. In 2007, The Lightstone Group acquired Extended Stay Hotels for $8.1 billion and also sold Prime Retail in 2010 for $2.1 billion, making a large profit on the outlet mall group. Lichtenstein has more recently been involved in New York City real estate and is playing a large role in the redevelopment of Brooklyn and the Gowanus Canal area of the borough.
Lichtenstein was appointed to the NYC Economic Development Corporation’s Board of Directors in 2015 by Bill de Blasio. He is also on the Board of Governors of the Real Estate Board of New York.
Lichtenstein was born in 1960 into a Jewish family in New York City, United States. He had an avid interest in property during his twenties and launched his real estate career after the purchase of a single building. At the time, Lichtenstein was living in a two-family home in New Jersey.
He purchased his first property with a $12,000 down payment in the mid-1980s, which was funded by maxing out credit cards and using some funds form a small savings account. Over a three year period, Lichtenstein reinvested capital from his properties to fund the down payments on more properties. The new properties were then leveraged with loans, allowing Lichtenstein to continue to add to his portfolio.
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