David Lichtenstein
Overview
- Source of Wealth
- Real estate
- Industry
- Real Estate
- Residence
- Monsey, New York
- Marital Status
- Married
Biography
Real estate mogul David Lichtenstein first racked up $89,000 in credit card debt to purchase a two-story, multi-family home in New Jersey in 1986.
Today his Lightstone Group oversees some 23,000 rental units across 120 properties across 28 states.
Lightstone is also developing a new brand of millenial-focused city hotels with Marriott, called Moxy. Its Times Square location opened in 2017.
In 2007 he paid $7.4 billion in debt and $200 million in equity for Extended Stay America, a chain of mid-priced hotels.
The recession forced Extended Stay into bankruptcy protection; Lightstone later sold 20 malls for $2.3 billion.
About
The son of Brooklyn public school teachers, Lichtenstein never went to college.
He got into the real estate business because his 19-year-old wife was pregnant and he thought he could make money quickly.