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2025 Commercial Observer Power 100: David Lichtenstein and Mitchell Hochberg
David Lichtenstein’s Lightstone Group may have started out in the late 1980s as a humble residential-focused firm, but it has grown into a diversified real estate empire with a 209-building portfolio spanning 26 states.
Lightstone’s multifamily platform is still the foundation and largest aspect of its business — some 25,000 units of mostly workforce housing — but these days it’s a big fish in an even bigger pond. The firm now has over 12 million square feet in industrial and retail properties under its wing, along with another 1 million square feet in life sciences. There are also thriving venture capital, lending and reinsurance platforms, and, oh yeah, a 5,100-key hotel enterprise under its Moxy brand, together with partner Marriott.
“[That diversification] happened naturally over time,” Mitchell Hochberg said. “But there was a decision about 12 to 15 years ago that it would be a good idea to take the expertise that the company had developed in investing and financing, and expand it to areas other than what was, at the time retail and multifamily. And we’ve been fortunate enough to be able to grow verticals in those areas.”
Hochberg, who joined the firm in 2012, is largely the driving force behind Moxy, bringing to Lightstone his expertise in developing hotels gained during his stints as president and COO of the Ian Schrager Company, and later as founder and managing principal of Madden Real Estate Ventures.
Since launching in 2014, Moxy has accumulated 28 properties, eight of which were developed by Lightstone. That includes the 37-story Moxy Downtown Los Angeles, which shares a roof with AC Hotel by Marriott Downtown L.A., which opened last spring.
The one notable exception to Lightstone’s portfolio is the complete lack of office space — an aspect of the firm’s business that, to Hochberg, has clearly panned out over the past few years.
“It’s an area that we have really not been that comfortable in, particularly in New York, and we’ve benefited greatly by not having the distraction of having to deal with an office portfolio this year, which I think allowed us to focus on other opportunities, and put more capital into them, than a lot of the other diversified owners probably could.”
What asset types are offered through Lightstone DIRECT?
Once you have created and verified your account, all live offerings are accessible from your investor dashboard. Each offering page includes a comprehensive set of materials to support your due diligence, including an investment summary, key financial projections, deal terms, and relevant legal documentation. You may review these materials at your own pace prior to making any investment decision. If you require additional information beyond what is provided on the offering page, you may submit an inquiry directly through the platform and a member of the Lightstone DIRECT team will respond accordingly.
What is the typical hold period of an investment?
Once you have created and verified your account, all live offerings are accessible from your investor dashboard. Each offering page includes a comprehensive set of materials to support your due diligence, including an investment summary, key financial projections, deal terms, and relevant legal documentation. You may review these materials at your own pace prior to making any investment decision. If you require additional information beyond what is provided on the offering page, you may submit an inquiry directly through the platform and a member of the Lightstone DIRECT team will respond accordingly.
How do I access and review the details of a live offering on Lightstone DIRECT?
Once you have created and verified your account, all live offerings are accessible from your investor dashboard. Each offering page includes a comprehensive set of materials to support your due diligence, including an investment summary, key financial projections, deal terms, and relevant legal documentation. You may review these materials at your own pace prior to making any investment decision. If you require additional information beyond what is provided on the offering page, you may submit an inquiry directly through the platform and a member of the Lightstone DIRECT team will respond accordingly.
What is the early funding incentive?
Lightstone DIRECT is a private investment platform that provides accredited investors with access to institutional-quality real estate offerings. The platform is designed to simplify the process of evaluating, committing to, and managing private real estate investments through a single, secure digital environment.
What is the minimum investment amount for deals on the platform?
Lightstone DIRECT is a private investment platform that provides accredited investors with access to institutional-quality real estate offerings. The platform is designed to simplify the process of evaluating, committing to, and managing private real estate investments through a single, secure digital environment.
What are the eligibility requirements to invest on Lightstone DIRECT?
Lightstone DIRECT is a private investment platform that provides accredited investors with access to institutional-quality real estate offerings. The platform is designed to simplify the process of evaluating, committing to, and managing private real estate investments through a single, secure digital environment.
How does Lightstone DIRECT differ from other private investment platforms?
Lightstone DIRECT is a private investment platform that provides accredited investors with access to institutional-quality real estate offerings. The platform is designed to simplify the process of evaluating, committing to, and managing private real estate investments through a single, secure digital environment.
When was Lightstone founded?
Lightstone DIRECT is a private investment platform that provides accredited investors with access to institutional-quality real estate offerings. The platform is designed to simplify the process of evaluating, committing to, and managing private real estate investments through a single, secure digital environment.
What is Lightstone DIRECT?
Lightstone DIRECT is a private investment platform that provides accredited investors with access to institutional-quality real estate offerings. The platform is designed to simplify the process of evaluating, committing to, and managing private real estate investments through a single, secure digital environment.
