Early Life and Career Beginnings
David Lichtenstein was born in Brooklyn, New York, to parents who were public school teachers. He graduated from James Madison High School but did not attend college, opting instead to pursue his entrepreneurial interests. His career in real estate began in 1986 with a relatively modest investment, using credit card debt to purchase a two-family home in New Jersey. This marked the start of his journey into the real estate industry.
Rise to Success and The Lightstone Group
Following the initial investment, Lichtenstein reinvested capital from his properties to fund down payments on more properties. He leveraged these new properties with loans, allowing him to expand his portfolio. In 1988, he founded The Lightstone Group. Initially, the company focused on multifamily properties in the New Jersey area. Over the years, Lichtenstein expanded Lightstone’s portfolio to over 20,000 apartments across 28 states, making it one of the top apartment owners in the United States.
Key Business Strategies and Expansion
Under Lichtenstein's leadership, The Lightstone Group diversified its holdings to include commercial properties, hotels, and retail spaces. A significant milestone was the 2003 acquisition of Prime Retail for $638 million, which positioned Lightstone as a key player in the U.S. retail sector. In 2007, Lightstone acquired Extended Stay Hotels for $8.1 billion. Furthermore, Lightstone has been an active developer and operator of Moxy Hotels in partnership with Marriott, with locations in major cities.
Philanthropy and Community Involvement
David Lichtenstein is actively involved in civic and charitable endeavors. He served on the NYC Economic Development Corporation's Board of Directors and is involved with the Real Estate Board of New York. He is also a founder of the Friendship House, an organization that provides housing for families of sick children and adults in the Greater New York City area. Lichtenstein has demonstrated his philanthropy skills by donating space to help after Hurricane Sandy in 2012.
