David Lichtenstein
$2.0B
Born
Nov 21, 1961
Age
64
Source of Wealth
Real estate
Residence
Monsey, New York
Citizenship
United States
Marital Status
Married
Children
0
Education
- 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.
- 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.
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