Lightstone DIRECT
Lightstone DIRECT is a private investment firm founded in 1986 by David Lichtenstein, based in New York, New York. It invests directly in its own deals and has 2 current assets and reports 56 realized investments, and still has 3 deals open.












About Lightstone DIRECT
Lightstone DIRECT is the direct-to-investor platform from Lightstone, a $12B AUM real estate owner/operator. Founded in 1986, Lightstone owns and operates over 25,000 multifamily units and over 15M square feet of commercial space nationwide. Lightstone DIRECT brings accredited investors the opportunity to invest in the same assets Lightstone pursues with its own capital, on a deal-by-deal basis — with Lightstone, the sole GP, investing at least 20% of the equity in each transaction.
- 2 assets bought since 2021 Counted
- 2 assets owned today Counted
- $12B assets under management Stated by the firm
Track record
Lightstone DIRECT owns 2 assets.
The firm reports 56 realized investments. The individual exits aren’t on DealStack yet.
Where it has bought
All 2 assets: 2 still owned.
- Michigan1 still owned
- South Carolina1 still owned
| Property | Place | Units | Bought | Sold | Returned |
|---|---|---|---|---|---|
| Abernathy Industrial Park | Greenville, SC | 2026 | Still owned | ||
| $1.0 Billion Michigan Portfolio | Suburban Detroit, MI | 7,810 | 2021 | Still owned |
Team
The people behind the firm.
David Lichtenstein
Founder, Chairman and CEO
David Lichtenstein is Chairman and CEO of Lightstone, which he founded in 1986. He provides strategic oversight for all aspects of the acquisition, financing, and management of the Company's diverse portfolio of multifamily, hospitality, industrial and commercial properties.
Ariel Feldhamer
Senior Vice President, Multifamily Asset Management
Ariel Feldhamer is Senior Vice President of Asset Management and Investments at Lightstone and President of Beacon Management. He oversees operations and asset management for more than 25,000 multifamily units valued above $3 billion and has helped complete more than $4 billion of transactions since joining in 2005.
Mitchell C. Hochberg
President
Mitchell C. Hochberg is President of Lightstone and has more than 30 years of experience across residential, hospitality, commercial, gaming, and mixed-use real estate development and operations. He is also an attorney and Certified Public Accountant.
Sanford Blumenthal
Senior Vice President, Investments
Sanford Blumenthal has been active in the fields of commercial real estate and investment finance for over 15 years. At Lightstone, Sanford has closed over $3 billion of completed acquisitions, developments, and financings. Mr. Blumenthal is responsible for sourcing, underwriting, deal structuring, and due diligence across the residential, hospitality, office, industrial, retail, and land sectors. During his tenure at Lightstone, Sanford has been instrumental in the strategic development of lifestyle-oriented hotels in major gateway markets, with a primary focus on the Moxy brand. Sanford specializes in opportunistic deals with intricate capital structures. Prior to joining the Lightstone team, Sanford worked at Madden Real Estate Ventures where he focused on residential and hospitality acquisitions and developments as well as asset management for properties located throughout the United States. While at Madden, Mr. Blumenthal acquired 17 hotels valued at over $130 million. Mr. Blumenthal began his career at Vornado Realty Trust in the Acquisitions and Capital Markets group where he was responsible for asset and portfolio underwriting, corporate valuation and capital markets transactions. Sanford graduated Magna Cum Laude from the University of Pennsylvania with a Bachelor of Arts in International Relations.
Greg Fink
Managing Director, Multifamily Investments
Greg Fink is Chief Investment Officer of Lightstone DIRECT and Managing Director of Acquisitions at Lightstone. Since joining in 2015, he has closed more than $3 billion of multifamily acquisitions and dispositions across 16,000 units nationwide.
Soren Godbersen
Chief Growth Officer
Soren Godbersen is Chief Growth Officer at Lightstone DIRECT, where he oversees investor experience, day-to-day operations, marketing, and strategic direction of the group. Previously Godbersen was Chief Growth Officer at EquityMultiple, a category-defining real estate investment platform for accredited investors where he led the Marketing and Investor Relations Teams, helping to grow the firm's AUM to nearly $1B, and investor network to over 5,000 individual high-net-worth investors. Godbersen holds a Bachelor's of Arts in Economics with Honors from Whitman College.
Jonathan Spitz
Head of Capital Formation
Jonathan Spitz is the Head of Capital Formation at Lightstone DIRECT, where he oversees fundraising and business development activities associated with Lightstone’s real estate investment platform. With more than a decade of experience in private real estate, Jonathan specializes in helping high-net-worth individuals, RIAs, and family offices access institutional-quality multifamily and industrial opportunities. Before joining Lightstone, Jonathan spent five years at Origin Investments, where he played a key role in scaling the firm’s capital raising efforts among RIAs, family offices, and high net worth individuals.
Moshe Lichtenstein
Chief Credit Officer
Moshe Lichtenstein is a senior member of the Lightstone investment team and Chief Investment Officer of Converge US. Mr. Lichtenstein is responsible for investment strategy and oversees the sub-managers for Converge. For Lightstone, he oversees a team of investment professionals who evaluate on a daily basis potential investments in all sectors of real estate including residential, commercial, retail and industrial. Mr. Lichtenstein has been a key member of Lightstone's executive management team and is a member of the investment, credit and compliance committees. Mr. Lichtenstein sits on the Board of Trustees of New York Medical College, and is the chair of its audit committee.
Headquarters
New York, New York
Invest with Lightstone
Three deals are open now.
OpenOklahoma City OutletsRetail12.4% Target IRR2.20x Equity$100K min Minimum
OpenHidden Lakes ApartmentsMultifamily1.50x Equity$100K min Minimum
OpenArlington IndustrialIndustrial14.5% Target IRR1.85x Equity$100K min Minimum