Early Life and Education
David Lichtenstein was born in Brooklyn, New York, in 1960. He grew up in a modest household and did not attend college, instead choosing to pursue his entrepreneurial ambitions directly after high school. He is of Jewish background. He spent time studying in yeshiva and kollel.
Rise to Success
Lichtenstein's career began in 1986 with the purchase of a multi-family home in New Jersey, funded by credit card debt. He reinvested capital from his properties to finance subsequent acquisitions. In 1988, he founded The Lightstone Group, initially focusing on multifamily properties. The company's portfolio grew significantly in the 1990s, expanding to over 20,000 apartments across 28 states. The Lightstone Group diversified into retail in 2000, acquiring a Prime Retail-run mall, and later acquired the Prime Retail portfolio in 2003 for $638 million.
Key Business Strategies
Lichtenstein's strategy involves diversification, strategic acquisitions, and risk-taking. He expanded into retail and hospitality. He acquired Extended Stay Hotels for $8.1 billion in 2007. Lightstone has been involved in developing projects in major cities, including New York City, Los Angeles, and Miami..
Philanthropy
Lichtenstein is involved in philanthropy, supporting health and educational causes. He serves on the boards of directors for Touro College and the New York Medical College. He has supported research on neurodegenerative disorders through investments in BrainStorm Cell Therapeutics.