For keeping his retail stores lively, Lichtenstein makes sure all the stores are places that his daughter or wife would actually shop. He's passed up on renewing existing tenants in order to get in newer stores with more consumer excitement. "Every wacko name that comes out there, we want them. When the teenagers come in, there's excitement."

Lightstone doesn't invest a lot of other people's funds, despite the opportunity to access that money. "We've never had less than 60% ownership with a property. When you hit the ball hard, you have to be hitting it for yourself." Even with REITs, the percentage is still a high 40%. "We've never had an investor take a loss from us."

Not every acquisition has been a home run, he admits. After buying the Mall of Niagara, 9/11 quickly reduced border crossings and 60% of the mall's customers were Canadian. And with holdings across the country, Lightstone was hit by Hurricane Katrina. Lichtenstein says he recently got a call reporting that "'one of your malls just landed in the Gulf of Mexico.'"

Lichtenstein has planned for these bad rolls of the dice, however. "My IQ is very low, but my insurance is very high." Risk is part of the game, he believes. "Your rate of return relates to your willingness to go liquid. Your rate of return relates to your level of risk." Lightstone owns two million sf of multifamily units, as well as retail, industrial and office across 28 states and Puerto Rico. The company has acquired over $2 billion in real estate over the last 20 months alone.

Other speakers at RealShare New Jersey included Doug Forrester, Republican candidate for governor. Forrester's platform consists of opposing the Newark Devils' arena since Newark Housing Authority funds are being used for it, fighting statewide corruption and reducing property taxes.