From Humble Beginnings
David Lichtenstein started out what was to be a long and lucrative career in real estate back in 1986 when he acquired two family homes for $89,000, He used all of his life savings and credit cards to finance this purchase, believing that he could make a decent profit. He was right, and he was able to found his own real estate company, the Lightstone Group LLC, within just two years of that initial real estate purchase.
Prime Outlets
When he bought Prime Outlets, David Lichtenstein ignored the naysayers and firmly believed that it would be a good move for him and his company. With the announcement that he was to sell prime Outlets to the Simon Property Group for $700 million with the assumption of $1.6 billion in debt, he proved that his instincts were as good as ever, You see, he picked up Prime Outlets for only $115 million and $523 million of assumed debt back in 2003, so this investment really did prove to be a very lucrative one, proving that more people should have had faith in David Lichtenstein and his nose for a good real estate deal.
Even after settling the 40% fees, David Lichtenstein and the Lightstone Group should find themselves walking away with a massive $450 million in profit which will be great news for the group who will be able to put the money to very good use in ensuring that the company goes on to thrive in an increasingly tough real estate market.
David Lichtenstein in the Journal is making money from one of the best investments he ever made, Prime Outlets Inc.
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