The REdirect Podcast
The REdirect Podcast
Brought to you by Lightstone DIRECT, the REdirect podcast goes beyond market commentary to unpack how value is created across asset classes from the perspective of a $12B+ AUM real estate owner and operator. Through in-depth conversations with investors, founders, and industry leaders, we go behind the scenes of institutional real estate investing and discuss how individual investors can adopt an institutional real estate investing mindset.
Episode 13
You Don’t Need Millions to Retire, Here’s The Math That Proves It
In this episode of the REdirect podcast, Jon Spitz and Storm Murphy sat down with Dr. Karsten Jeske, Founder of EarlyRetirementNow.com and former economist at the Federal Reserve, to discuss the actionable strategies you can implement to retire with confidence.
A former economist and investment professional, Karsten brings deep expertise in macroeconomics, risk management, and portfolio strategy, backed by a Ph.D. in Economics and a CFA designation. Before retiring at the age of 44 in 2018, he worked in finance, forecasting, and global asset allocation, and now provides personalized financial advice as a registered investment adviser.
Episode 12
How Lightstone Built a $12 Billion Real Estate Platform Without Losing Its Entrepreneurial Edge
In this episode of the REdirect podcast, host Greg Fink sits down with Mitchell Hochberg, President of Lightstone, to discuss what it takes to build a disciplined investment platform without losing an entrepreneurial edge.
Over more than four decades in real estate, Mitch has learned that protecting capital comes before chasing returns. At Lightstone, that means underwriting the downside first and staying diversified enough across verticals that no deal ever has to get done. It also means investing in people: Mitch spends a substantial amount of his time recruiting and mentoring, looking for the best all-around athlete rather than the best specialist.
Episode 11
David Lichtenstein on Building Real Estate Wealth Through Discipline, Creativity & Conviction
In this episode of the REdirect podcast, host Greg Fink sits down with David Lichtenstein, Founder and CEO of Lightstone, to share how he built one of the nation’s largest privately held real estate firms.
Nearly four decades in the business has taken David through several recessions and credit cycles. His approach has never depended on timing the market. Instead, it rests on disciplined underwriting, aligned incentives, and the creativity to find opportunities others overlook. He explains why downside protection comes before projected returns, and how owning a meaningful share of every deal changes the way a sponsor behaves.
Episode 10
From $500K in Debt to $2M Net Worth: Dr. Jordan Frey’s Wealth Playbook
In this episode of REdirect, Jonathan Spitz and Storm Murphy welcome Dr. Jordan Frey, board-certified plastic surgeon, educator, and founder of The Prudent Plastic Surgeon, to share how he transformed his financial life without ever stepping away from the operating room.
After finishing medical training with over half a million dollars of debt, Jordan realized that earning a high income alone wouldn't guarantee financial security. Instead, he built a deliberate strategy centered on real estate investing, diversified income streams, financial education, and long-term ownership, growing his net worth to more than $2 million in less than two years.
Episode 9
Jay Parsons on Multifamily Recovery, Market Selection & The 2027 Opportunity
In this episode of REdirect, Jonathan Spitz welcomes Jay Parsons, one of the most respected voices in rental housing economics, to break down the realities of today's apartment market and why the industry's long-awaited recovery will look very different from past cycles.
Drawing on years of advising REITs, operators, lenders, and institutional investors, Jay explains how the sector survived one of the largest supply waves in modern history and why the conversation is now shifting from construction deliveries to demand fundamentals.
Episode 8
How Busy Professionals Can Build Wealth Through Passive Real Estate
In this episode, hosts Jonathan Spitz and Storm Murphy sat down with Chad Ackerman, Founder of CARE, to break down the realities of passive real estate syndications. Drawing on his experience as an advisor and business coach, Chad shares the lessons he learned the hard way so others don’t have to.
The conversation goes beyond surface-level deal analysis and dives into what truly drives outcomes for limited partners. Chad explains why operator vetting beats spreadsheet projections every time, how communication style reveals integrity, and why community intelligence can protect investors from avoidable losses.
Episode 7
Building the Trust Layer for Tokenized Real Estate
In this episode, host Jonathan Spitz sits down with Phil Bak, founder of Skyline Standard and former ETF innovator, to unpack why tokenization may fundamentally reshape commercial real estate over the next decade.
The conversation dives into why real estate tokenization differs from stock tokenization, how blockchain-enabled verification systems could automate due diligence from months to minutes, and why the missing “trust layer” is the key to unlocking broader institutional adoption.
Episode 6
How to Cut Through the Noise in Today's Real Estate
In this episode, Richard Barkham joins hosts Jonathan Spitz and Storm Murphy to talk through where we are in the real estate cycle, what risks investors should be paying attention to, and where the best opportunities are today.
Richard Barkham spent over a decade as Global Chief Economist at CBRE, leading a research team of nearly 600 people. In this episode, he discusses why he is more cautious today than he was a year ago and what current pricing is actually telling investors. The conversation covers why the housing shortage makes multifamily the cleanest place to invest right now and where the long-term opportunity sits in downtown urban cores as offices convert to housing. Richard also takes on the "wall of maturities" narrative and explains why those headlines rarely play out the way people expect.
Episode 5
The Apartment REIT Disconnect & Where the Next Housing Opportunity Lies
In this episode, John Pawlowski joins hosts Jonathan Spitz and Storm Murphy for a deep dive into one of today's most compelling market dislocations: apartment REITs trading below their net asset value.
Drawing on his experience as a Managing Director at Green Street, John explains why public and private real estate are telling contradictory stories, how government-backed financing is skewing valuations, and what the wave of REIT privatizations signals for forward-looking capital allocation. The conversation takes a closer look at how investors should be interpreting NAV discounts and where opportunity exists today.
Episode 4
Data Centers, Logistics, and Why Office Isn't Dead
Richard Hill is back with more insights in episode four of the REdirect podcast — this time he brings more specific and actionable insights for CRE investors.
Informed by over two decades of experience across derivatives, capital markets, and research, Richard highlights markets poised for growth, what real estate metrics investors should consider, and why tiering across property type and quality now dominates performance.
Episode 3
Is the CRE Debt Maturity Wall Beginning to Break?
In this episode of the REdirect podcast, hosts Jon Spitz and Storm Murphy sit down with Richard Hill, Senior Managing Director and Global Head of Real Estate Research & Strategy at Principal Asset Management, for an in-depth conversation on the state of commercial real estate.
Richard brings a perspective rooted in debt capital markets, CMBS trading, and nearly two decades of institutional research. He shares his insights on CRE cycles, what’s driving the current recovery, which asset classes and markets he sees opportunities in, and what risks investors should look out for.
Episode 2
How Lightstone Thrives in Dislocated Markets
In this episode of REdirect, host Jonathan Spitz speaks with Sanford Blumenthal, SVP of Lightstone, to share insights on capitalizing on every phase of the market cycle, Lightstone's underwriting mindset, and where the biggest opportunities lie during moments of market volatility.
Sanford has led more than $3 billion in acquisitions, developments, and financings across residential, hospitality, office, industrial, retail, and land assets at Lightstone. With over 15 years of experience in commercial real estate and investment finance, he specializes in sourcing and executing opportunistic deals with complex capital structures.
Episode 1
Investing vs. Speculating: Lightstone's Real Estate Investment Strategy
In the first episode of REdirect, host Storm Murphy sits down with Greg Fink, Managing Director at Lightstone, to discuss the history of Lightstone, our investment strategy for underwriting deals, and where we see opportunity going into 2026.
