Early Life
David Lichtenstein was born in Brooklyn, New York, in 1960, to parents who were public school teachers. He grew up in the Sheepshead Bay neighborhood. Lichtenstein did not attend college.
Rise to Success
Lichtenstein's journey in real estate began in 1986 when he purchased a multi-family home in New Jersey using credit card debt. In 1988, he founded The Lightstone Group. In the 1990s, he grew the Lightstone Group's portfolio to over 20,000 apartments across 28 states. He also expanded into retail, acquiring the entire Prime Retail portfolio in 2003. Since 2007, Lichtenstein has been involved in 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. Lightstone sold Prime Retail in 2010 for $2.3 billion.
Key Business Strategies
Lichtenstein's key strategies include identifying and capitalizing on real estate opportunities, leveraging debt, and diversifying the company's portfolio. He has focused on strategic acquisitions and sales to maximize returns. The company's operations include residential, hospitality, commercial, and retail properties across multiple states. Lightstone also developed the Moxy Hotels brand in partnership with Marriott.
Philanthropy
Lichtenstein is involved in civic and charitable endeavors. He was appointed to the NYC Economic Development Corporation's Board of Directors in 2015 and serves on the Board of Governors of the Real Estate Board of New York. In 2005, Lightstone donated apartments to Hurricane Katrina victims. He is also a founder of Friendship House, an organization that provides housing for families of sick children and adults in the Greater New York City area.