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Lightstone Group Sets Its Sights on NYC

NEW YORK CITY-In continuing its portfolio diversification strategy, the privately-held REIT is developing three new projects across the city, says company founder and chairman David Lichtenstein.

By Jacqueline Hlavenka | Updated on June 18, 2012

NEW YORK CITY-The Lightstone Group, a national developer of outlet malls and multifamily buildings, is shifting its investment focus to its hometown: New York City. Company founder and chairman David Lichtenstein tells GlobeSt.com that the privately held REIT is planning three projects across the city, including a 200+ unit, 200,000-square-foot apartment tower in Long Island City opposite the East River waterfront.

“We’ve developed in 15 or 20 states, and at some point, we decided we are represented in force everywhere except for New York City, and why not start at home,” he says. “The grass has always been greener elsewhere, and that’s not true – the grass is greener exactly where we live.”

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