David Lichtenstein’s profile picture

David Lichtenstein

David Lichtenstein’s profile picture
Net worth 2018: $1.7 Billion
Industry: Real Estate
Residence: Monsey, New York
Country: United States
BirthDay: 1960
BIOGRAPHY

David Lichtenstein was bornon 1960 in Monsey, New York, United States. David Lichtenstein is #1393 in List Billionaires People In The World. Son of Brooklyn public school teachers, David Lichtenstein never went to college and figured his best bet at making money was in real estate. In 1986, he used hefty amounts of credit card debt to spend $89,000 on his first two-family home in New Jersey. As cash from rentals rolled in, his Lightstone Group started expanding, first to outlet malls and then to middle-income hotel investments. In 2007 he paid $7.4 billion in debt and $200 million in equity for Extended Stay America, a chain of mid-priced hotels. When the global credit crisis hit, Extended Stay was forced into bankruptcy protection, and was taken over by a team of investors including Blackstone Group and Paulson and Co. Lightstone later sold 20 outlets for $2.3 billion. Lichtenstein's real estate company has now bounced back. It is moving fast again into hotels, this time looking to take a bite out of AirBnB's market share by developing hip city hotels with Marriott featuring micro-units to attract millennials on a budget. His current portfolio still includes apartments, retail and commercial properties spread across 26 states and D.C. with $2 billion worth of projects in development. During the real estate crisis of the mid-aughts he also bought up tens of thousands of land lots in the "ground-zeros" of the crisis (Florida, Arizona, California, Nevada) for cheap.

NET WORTH STATISTIC
2016

$1.4 Billion

2017

$1.5 Billion

2018

$1.7 Billion

TIMELINE
2018

Lightstone Value Plus was the 18th-largest non-traded United States-based REIT, with a dividend of 7 percent

2015

Bill de Blasio appointed Lichtenstein to the NYC Economic Development Corporation’s Board of Directors in 2015

2013

In 2013, Lichtenstein and Marriott completed their first deal, which was the purchase of three Marriott-branded hotels in Iowa and Ohio for $21 million

2012

Following Hurricane Sandy in November 2012, The Lightstone Group donated more than 11,000 square feet of office space at 1407 Broadway to assist businesses affected by the storm

2011

In 2011, they purchased Festival Bay Mall in Florida for $25 million, Crown Plaza Boston North Shore hotel for $10 million and a residential development in Long Island City, New York, for $19

2010

In late 2010, REITs raised an estimated $9 billion, with a 6

2007

While expanding the diversity of investments, he also moved into hospitality in 2007 with his biggest single deal to date

2006

Lichtenstein announced in 2006 that he would be launching a real estate investing trust (REIT), which allowed Lightstone to raise capital from investors outside the company

2005

In September 2005, Lightstone Group donated 50 Memphis apartments to help Hurricane Katrina victims in need of housing following the storm, offering the apartments rent-free for six months

2003

By the end of 2003, Lightstone was recognized as one of the largest and most active property buyers in the United States

2002

His first major purchase in retail came in 2002, when he acquired a Prime Retail-run mall for $36

2000

In 2000, Lightstone began to invest in retail strips, before moving onto malls

1997

The housing bubble that began in 1997 led Lichtenstein to look elsewhere at other real estate opportunities, which included property outside the United States for the first time

1990

In the 1990s, Lichtenstein grew The Lightstone Group's portfolio to over 20,000 apartments in 28 states

1988

He is the founder and CEO of The Lightstone Group, which he founded in 1988

1980

Following the success of running a small real estate business during the early to mid-1980s, Lichtenstein founded The Lightstone Group in 1988

1960

Lichtenstein was born in 1960 into a Jewish family in New York City, United States

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