the Lightstone Group

Lightstone has developed residential properties across several New York City neighborhoods, including Long Island City, Gowanus, Yorkville, and the Financial District.{{Cite web |title=LEADERS Interview with Scott J. Avram, Senior Vice President, Development, Lightstone |url=https://www.leadersmag.com/issues/2022.1_Jan/Purpose/LEADERS-Scott-Avram-Lightstone.html |access-date=2025-05-23 |website=www.leadersmag.com}}

Its portfolio includes luxury condominiums such as 130 William, an 800-foot tower designed by Sir David Adjaye, and 40 East End, an 18-story, 100,000-square-foot building designed by Deborah Berke Partners.{{Cite web |last=Gould |first=Jennifer |date=2024-05-08 |title=This $20M NYC penthouse from 'Law & Order' can be yours |url=https://nypost.com/2024/05/08/real-estate/this-20m-nyc-penthouse-from-law-amp-order-can-be-yours/ |access-date=2025-05-23 |language=en-US}}

130 William, a 66-story condominium, was among the top-selling properties in New York City in 2023, with approximately 90 percent of its units sold by July—just one month after the building’s completion in June. The building’s penthouse was also featured in an episode of NBC’s “Law & Order.”{{Cite web |title=What's selling on East End Avenue: Living on the Upper East Side's most tranquil avenue |url=https://www.cityrealty.com/nyc/market-insight/features/future-nyc/what039s-selling-east-end-avenue-living-upper-east-side039s-most-tranquil-avenue/16124 |access-date=2025-05-23 |website=www.cityrealty.com |language=en}}{{Cite web |last=Young |first=Michael |date=2020-02-28 |title=Construction Wraps for 40 East End Avenue on The Upper East Side |url=https://newyorkyimby.com/2020/02/construction-wraps-for-40-east-end-avenue-on-the-upper-east-side.html |access-date=2025-05-23 |website=New York YIMBY |language=en-US}}

Lightstone’s luxury rental properties in New York City include ARC in Long Island City and 365 Bond, which was the first residential development along the Gowanus Canal.{{Cite web |last=Cuozzo |first=Steve |date=2023-04-02 |title=Condo sales at 130 William provide residential resurgence downtown |url=https://nypost.com/2023/04/02/condo-sales-at-130-william-provide-residential-resurgence-downtown/ |access-date=2025-05-23 |language=en-US}}

In 2003 Lightstone acquired Prime Retail, one of the largest owners and operators of shopping malls, for $638 million.{{Cite web |last=auburnexaminer |date=2024-11-21 |title=Lightstone acquires Outlet Collection Seattle in Auburn for $82 million, plans $10 million upgrade |url=https://auburnexaminer.com/lightstone-acquires-outlet-collection-seattle-in-auburn-for-82-million-plans-10-million-upgrade/ |access-date=2025-06-06 |website=Auburn Examiner |language=en-US}} It recapitalized Prime Retail with Simon Property Group for $2.24 billion in 2009. {{Cite web |last=Firtea |first=Diana |date=2024-11-26 |title=Lightstone Pays $82M for Seattle-Area Mall {{!}} Urbanize Seattle |url=https://seattle.urbanize.city/post/lightstone-pays-82m-seattle-area-mall |access-date=2025-06-06 |website=seattle.urbanize.city |language=en}} Simon Property Group is an American real estate investment trust that invests in shopping malls, outlet centers, and community/lifestyle centers and is the largest owner of shopping malls in the United States {{Cite web |last=Works |first=Amy |date=2024-11-25 |title=Lightstone Group Acquires Outlet Collection Seattle Shopping Mall for $82M |url=https://rebusinessonline.com/lightstone-group-acquires-outlet-collection-seattle-shopping-mall-for-82-million/ |access-date=2025-06-06 |website=REBusinessOnline |language=en-US}}

In November 2024, Lightstone acquired The Outlet Collection Seattle, a 943,000-square-foot shopping mall in Auburn, WA, for $82 million.

Converge RE II, a Lightstone affiliate based in Puerto Rico, is a Class 5 reinsurer operating through the International Insurance Center (IIC) with an A rating.{{Cite web |last=Willard |first=Jack |date=2024-04-16 |title=Craig Buck appointed CEO of Converge US - Reinsurance News |url=https://www.reinsurancene.ws/craig-buck-appointed-ceo-of-converge-us/ |access-date=2025-06-06 |website=ReinsuranceNe.ws |language=en}} The company provides reinsurance services to life and annuity insurers, with a focus on supporting capital reallocation and financial efficiency. It manages assets totaling more than $1.5 billion.{{Cite web |last=Siampani |first=Anna |date=2024-04-16 |title=Craig Buck Assumes CEO Role at Converge US |url=https://ceoworld.biz/2024/04/16/craig-buck-assumes-ceo-role-at-converge-us/ |access-date=2025-06-06 |website=CEOWORLD magazine |language=en-US}}

Beginning in 2010, Lightstone began developing a new hotel concept aimed at offering affordable accommodations in urban markets without compromising on design and comfort. Drawing inspiration from the smaller hotel rooms commonly found in Europe, the company introduced micro rooms to reduce the inefficiencies associated with traditional large-scale luxury hotels.{{Cite web |title=How Lightstone makes Moxy work in NYC |url=https://hotelsmag.com/news/how-lightstone-makes-moxy-work-in-nyc/ |access-date=2025-06-12 |website=HOTELSMag.com |language=en-US}}{{Cite web |last=Ting |first=Deanna |date=2018-04-24 |title=The Inside Story Behind Marriott's Moxy-Led Invasion of Manhattan |url=https://skift.com/2018/04/24/the-inside-story-behind-marriotts-moxy-led-invasion-of-manhattan/ |access-date=2025-06-12 |website=Skift |language=en-US}}

The concept was influenced by the layout of cruise ships, where rooms are compact but functional, and travelers typically spend their time engaging with amenities or exploring destinations. Applying a similar approach, Lightstone developed rooms with space-saving features such as pegboards instead of closets and collapsible furniture. The design emphasized functionality while incorporating high-quality beds, furnishings, and fixtures intended to optimize limited space.{{Cite web |last=Sell |first=George |date=June 22, 2016 |title=Lightstone and Moxy: “We’re going after Airbnb head on" |url=https://boutiquehotelnews.com/features/lightstone-and-moxy-were-going-after-airbnb-head-on/ |website=Boutique Hotel News}}

In tandem with room design, Lightstone focused on creating communal spaces and hospitality experiences that reflected changing consumer behaviors. Their hotel lobbies were designed to serve multiple functions—acting as co-working spaces, dining areas during the day, and social lounges in the evening. Believing that Marriott’s Moxy brand aligned with this vision, Lightstone partnered with the brand and adapted it to include enhanced design elements and on-site dining and entertainment, particularly suited to cities like New York, Los Angeles, and Miami.{{Cite web |last=Fox |first=Jena Tesse |date=2017-03-02 |title=How Lightstone is bringing Marriott's Moxy brand to New York City {{!}} Hotel Management |url=https://www.hotelmanagement.net/development/how-lightstone-bringing-marriott-s-moxy-brand-to-new-york-city |access-date=2025-06-12 |website=www.hotelmanagement.net |language=en}}{{Cite web |last=Villa-Clarke |first=Angelina |title=The New Public Square: Moxy’s Experiential Take On Hospitality |url=https://www.forbes.com/sites/angelinavillaclarke/2023/10/05/the-new-public-square-moxys-experiential-take-on-hospitality/ |access-date=2025-06-12 |website=Forbes |language=en}}

Lightstone opened Moxy Times Square, the brand’s first property in New York City, in 2017. This was followed by the development of Moxy Chelsea in 2018, Moxy East Village in 2019, and Moxy Miami South Beach in 2022.{{Cite web |last=Hertzfeld |first=Esther |date=2022-11-04 |title=Moxy Lower East Side opens in NYC {{!}} Hotel Management |url=https://www.hotelmanagement.net/openings/moxy-lower-east-side-opens-nyc |access-date=2025-06-12 |website=www.hotelmanagement.net |language=en}}{{Cite web |last=Kirkman |first=Alexandra |title=Miami’s Hottest Hotel Opening Of 2021: Moxy Miami South Beach |url=https://www.forbes.com/sites/alexandrakirkman/2021/02/23/miamis-hottest-hotel-opening-of-2021-moxy-miami-south-beach/ |access-date=2025-06-12 |website=Forbes |language=en}}

The expansion in New York City continued with the opening of Moxy Lower East Side in 2022, followed by Moxy Williamsburg in 2023.{{Cite web |last=Qubein |first=Ramsey |title=66 Exciting Hotel Openings Around The World This Winter |url=https://www.forbes.com/sites/ramseyqubein/2022/12/17/66-exciting-hotel-openings-around-the-world-this-winter/ |access-date=2025-06-12 |website=Forbes |language=en}}{{Cite web |last=Hertzfeld |first=Esther |date=2022-11-04 |title=Moxy Lower East Side opens in NYC {{!}} Hotel Management |url=https://www.hotelmanagement.net/openings/moxy-lower-east-side-opens-nyc |access-date=2025-06-12 |website=www.hotelmanagement.net |language=en}}

Moxy Hotels Awards and Recognitions

• The Moxy/AC Hotel Downtown Los Angeles was named Development of the Year at the 2024 Americas Lodging Investment Summit (ALIS).{{Cite web |title=LEADERS Interview with Scott J. Avram, Senior Vice President, Development, Lightstone |url=https://www.leadersmag.com/issues/2022.1_Jan/Purpose/LEADERS-Scott-Avram-Lightstone.html |access-date=2025-06-12 |website=www.leadersmag.com}}
• Moxy Times Square received the Development of the Year – Select/Limited Service award from ALIS in 2017. {{Cite web |last=Business |first=Hotel |date=2021-10-29 |title=Partner news |url=https://hotelbusiness.com/partner-news-132/ |access-date=2025-06-12 |website=hotelbusiness.com |language=en-US}}
• Moxy Times Square, Moxy Chelsea, and Moxy East Village have been recognized in Condé Nast Traveler’s Readers’ Choice Awards as top hotels in New York City.{{Cite web |title=Fontainebleau, Moxy/AC are top developments at ALIS Awards |url=https://www.hotelinvestmenttoday.com/Deals/Mergers-and-Acquistions/Fontainebleau-Moxy-AC-are-top-developments-at-ALIS-Awards |access-date=2025-06-12 |website=www.hotelinvestmenttoday.com |language=en}}
• Moxy Miami South Beach was included in Condé Nast Traveler’s Readers’ Choice Awards for Miami.
• Lightstone was named Developer of the Year at Marriott’s CONNECT 2020 Awards.{{Cite web |last=Restanis |first=Angelos |date=2018-01-29 |title=Moxy Times Square named Development of the Year by ALIS, the American Lodging Investment Summit |url=https://www.traveldailynews.com/hotels-lodging/moxy-times-square-named-development-of-the-year-by-alis-the-american-lodging-investment-summit/ |access-date=2025-06-12 |website=TravelDailyNews International |language=en}}
• Moxy Hotels was named Best Affordable Hotel Brand by The Points Guy in 2023.

• 2025 Award of Merit for Multi-Unit Residential Buildings from Azure Magazine
• Crain's New York Business named Lightstone one of the Best Places to Work in New York City, ranking it in the top 100 in 2023 and 2024 {{Cite web |last=Crain's Staff |first= |title=The best places to work in New York City for 2024 |url=https://www.crainsnewyork.com/awards/best-places-work-nyc-2024 |url-status=live |archive-url=https://archive.today/20240918173921/https://www.crainsnewyork.com/awards/best-places-work-nyc-2024 |archive-date=September 18, 2024 |access-date=June 6, 2025 |website=Crain's New York Business}} {{Cite web |title=New York's 100 Best Places to Work in 2023 |url=https://www.crainsnewyork.com/awards/best-places-work-2023 |url-status=live |archive-url=https://archive.today/20230928182303/https://www.crainsnewyork.com/awards/best-places-work-2023 |archive-date=September 28, 2023 |access-date=June 6, 2025 |website=Crain's New York Business}}
• Mitchell Hochberg and David Lichtenstein have been included multiple times in Commercial Observer’s Power 100 list, including 2023 (rank: 60) and 2024 (rank: 55) {{Cite web |last=Trombola |first=Nick |title=#55 Mitchell Hochberg and David Lichtenstein |url=https://commercialobserver.com/power-series/power-100-2024/player/mitchell-hochberg-and-david-lichtenstein/ |url-status=live |archive-url=https://archive.today/20240816145951/https://commercialobserver.com/power-series/power-100-2024/player/mitchell-hochberg-and-david-lichtenstein/ |archive-date=August 16, 2024 |access-date=June 6, 2025 |website=Commercial Observer}}
• 2023 Residential Architect Design Award from Architect magazine
• 2020 Residential Concept Award from The Architecture Community’s International Residential Architecture Awards {{Cite web |title=LEADERS Interview with Scott J. Avram, Senior Vice President, Development, Lightstone |url=https://www.leadersmag.com/issues/2022.1_Jan/Purpose/LEADERS-Scott-Avram-Lightstone.html |access-date=2025-05-23 |website=www.leadersmag.com}}
• 2018 BQDA Queens People’s Choice Award from the American Institute of Architects (AIA) Brooklyn + Queens Design Awards -- For ARC {{Cite web |title=LEADERS Interview with Scott J. Avram, Senior Vice President, Development, Lightstone |url=https://www.leadersmag.com/issues/2022.1_Jan/Purpose/LEADERS-Scott-Avram-Lightstone.html |access-date=2025-05-23 |website=www.leadersmag.com}}
• 2018 Award of Merit Special Recognition for Unique Exposed Architectural/ Structural Concrete from the Roger H. Corbetta Awards Program -- For ARC {{Cite web |title=LEADERS Interview with Scott J. Avram, Senior Vice President, Development, Lightstone |url=https://www.leadersmag.com/issues/2022.1_Jan/Purpose/LEADERS-Scott-Avram-Lightstone.html |access-date=2025-05-23 |website=www.leadersmag.com}}
• 2017 BQDA Award of Merit People’s Choice Award from the American Institute of Architects (AIA) Brooklyn + Queens Design Awards -- For 365 Bond {{Cite web |title=LEADERS Interview with Scott J. Avram, Senior Vice President, Development, Lightstone |url=https://www.leadersmag.com/issues/2022.1_Jan/Purpose/LEADERS-Scott-Avram-Lightstone.html |access-date=2025-05-23 |website=www.leadersmag.com}}

Mitchell Hochberg and David Lichtenstein have been included multiple times in Commercial Observer’s Power 100 list

Lightstone's national multifamily portfolio comprises over 25,000 units. In December 2021, the company acquired a portfolio of more than 7,800 apartments in Michigan from Hartman & Tyner for approximately $1 billion. {{Cite web |title=Lightstone More Than Doubles Detroit-Area Multifamily Portfolio |url=https://www.connectcre.com/stories/lightstone-more-than-doubles-detroit-area-multifamily-portfolio/ |access-date=2025-05-28 |website=Connect CRE |language=en-US}}{{Cite web |title=Lightstone Acquires 7,810 Units in Suburban Detroit |url=https://www.globest.com/2021/12/02/lightstone-acquires-7810-units-in-suburban-detroit/ |access-date=2025-05-28 |website=benefitspro.com |language=en}}{{Cite web |last=Harlow |first=Kristin |date=2021-12-03 |title=Lightstone Purchases 7,810-Unit Multifamily Portfolio in Suburban Detroit |url=https://rebusinessonline.com/lightstone-purchases-7810-unit-multifamily-portfolio-in-suburban-detroit/ |access-date=2025-05-28 |website=REBusinessOnline |language=en-US}}

Lightstone Capital, the firm's real estate debt platform, was established in 2018.{{Cite web |title=NYC-based real estate debt platform plants flag in Dallas with new office |url=https://www.bizjournals.com/dallas/news/2021/03/30/lightstone-capital-dallas.html |access-date=2025-05-23 |website=www.bizjournals.com}} Since its launch, it has originated over $1.5 billion in transactions. The platform provides financing secured by real estate assets located in gateway markets.{{Cite web |date=2021-10-08 |title=Lightstone Capital Provides $18 Million Refinance Loan for Boutique Multifamily Building in Affluent New York City Suburb |url=https://www.multifamilybiz.com/pressreleases/13833/_lightstone_capital_provides_18_million_refinance_... |access-date=2025-05-23 |website=MultifamilyBiz |language=en}}

In 2006, the company offered a $300 million real estate investment trust, which allowed Lightstone to raise money from outside investors for the first time.{{cite news | url=https://www.wsj.com/articles/SB112181543455290137 | title=Big Real Estate Firm Thrives by Buying Struggling Properties | first=Ryan | last=Chittum | work=The Wall Street Journal | date=July 20, 2005 |url-access=subscription }} The non-traded Lightstone Value Plus REIT invested in office, retail, and other commercial properties, and by the end of 2009, was fully invested in a total of 30 properties. By the end of 2011, Lightstone Value Plus I was the 18th largest non-traded U.S. REIT.{{cite web | url=https://www.sec.gov/Archives/edgar/data/1296884/000114420412019041/v306825_10k.htm | title=LIGHTSTONE VALUE PLUS REAL ESTATE INVESTMENT TRUST, INC. | publisher=U.S. Securities and Exchange Commission}}

In the summer of 2010, the company offered second, non-traded REIT, Lightstone Value Plus II, committing capital to the hospitality, retail, multi-family, and commercial segments. The Lightstone Group committed 10% of the capital raised by the REIT.Property Funds World, "[http://www.propertyfundsworld.com/2009/10/04/lightstone-value-plus-reit-ii-starts-operations Lightstone Plus REIT II Starts Operations]," 4/10/09 By December 2011, LVPII had invested in several properties, including the Crowne Plaza Boston hotel, Saxon Hall Rego Park, and TownePlace Metairie hotel in New Orleans.{{cite web | url=http://getfilings.com/sec-filings/180327/LIGHTSTONE-VALUE-PLUS-REAL-ESTATE-INVESTMENT-TRUST-II-INC_10-K/ | title=LIGHTSTONE VALUE PLUS REAL ESTATE INVESTMENT TRUST II INC - FORM 10-K | date=March 26, 2018}}

The Lightstone Group acquired Extended Stay Hotels (now trading as Extended Stay America) in June 2007 from The Blackstone Group for US$8 billion.{{Cite press release |title=The Lightstone Group Closes $8 Billion Acquisition of Extended Stay Hotels From The Blackstone |date=Jun 12, 2007 |publisher=The Blackstone Group |url=http://www.blackstone.com/news-views/press-releases/the-lightstone-group-closes-$8-billion-acquisition-of-extended-stay-hotels-from-the-blackstone-group |accessdate=Dec 18, 2015}} The deal, financed with US$7 billion of debt, was one of several multibillion-dollar hotel and casino sales made that year.{{Cite web |work=Reuters |title=Lightstone to buy Extended Stay Hotels for $8 bln |date=Apr 17, 2007 |url=https://www.reuters.com/article/idUSN1719742920070418 |accessdate=Dec 18, 2015}} On June 15, 2009, Extended Stay America filed for bankruptcy protection under Chapter 11.{{Cite news |last=Nadgir |first=Santosh |date=Jun 15, 2009 |title=Debt-strapped Extended Stay files for bankruptcy |work=Reuters |url=https://www.reuters.com/article/us-extendedstay-idUSTRE55E4P520090615 |accessdate=Dec 20, 2015}} After the Great Recession decimated leisure and business travel, Extended Stay faced shortages in liquidity stemming from the leveraged buyout by Lightstone two years before. Through debtor-in-possession financing, it was able to continue operating rather than to face liquidation.

In July 2010, an investment consortium made up of Blackstone, Paulson & Co., and Centerbridge Partners bought Extended Stay America through a bankruptcy auction for US$3.93 billion.{{Cite news |last=Emery |first=Chelsea |date=Jul 20, 2010 |title=US judge backs Extended Stay's reorganization plan |work=Reuters |url=https://www.reuters.com/article/idUSN2026640620100720 |accessdate=Dec 20, 2015}}

In 2019, The Lightstone Group, a real estate investment management business, is gambling on inexpensive New York City hotel developments. The company has launched a Moxy Hotels catering chain to the business sliver and will operate two more shortly, the Moxy Lower East Side and Moxy Williamsburg.{{Cite web|title=The Lightstone Group Bets on Affordable Hotels Against Market Slowdown|url=https://www.globest.com/2019/10/29/the-lightstone-group-bets-on-affordable-hotels-against-market-slow-down/?slreturn=20200401105850|last=Brown|first=Mariah|date=29 October 2019|website=Globest|archive-url=|archive-date=|access-date=1 May 2020}}

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• [http://www.lightstonegroup.com/ Official Website]

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Category:Real estate companies of the United States

Category:1988 establishments in New York (state)

Category:1988 establishments in the United States

Category:Real estate companies established in 1988

Category:Companies established in 1988