Lightstone sold Prime Retail in 2010 for $2.3 billion, earning a large profit from the sale of the outlet mall group.
Lichtenstein previously served on the NYC Economic Development Corporation’s Board of Directors, appointed by New York City Mayor Bill de Blasio.
The boom was good for the existing portfolio Lichtenstein had amassed, but it made it more difficult to find affordable properties to purchase.
[6] The housing bubble that began in 1997 led Lichtenstein to look elsewhere at other real estate opportunities, which included property outside the United States for the first time.
The outlet mall was based in Puerto Rico and was one of many Prime Retail developments that required redevelopment at the time of purchase.
[7] After seeing the potential of the single mall in Puerto Rico, Lichtenstein made his first major deal in the real estate market in 2003.
The portfolio consisted of 37 properties spread across a number of states in the US, in locations such as Pleasant Prairie, Wis., Odessa, Mo, and Gaffney, S.C.[8] The acquisition made Lightstone the second-largest owner of outlet malls in the country after Chelsea Premium Outlets, owned by Simon Property Group Inc., the nation's largest mall owner.
[4] Lichtenstein announced in 2006 that he would be launching a real estate investing trust (REIT), which allowed Lightstone to raise capital from outside investors.
[4] The REIT, named Lightstone Value Plus, had a fund value of $300 million and aimed to invest in a mix of office, retail and other commercial properties.
[2] Lichtenstein sold Prime Retail in 2010 to Simon Property Group, who were already the biggest outlet mall owners in the United States.
[20] Despite shifting his focus to New York City-based investments, Lichtenstein continued to grow his portfolio in other locations across the United States.
In September 2012, Lightstone Group announced they would be purchasing a $51 million residential development in Long Island City.
[25][26] Following Amazon's decision to abandon its plans to build a headquarters in Queens, Lichtenstein called it the "worst day for NYC since 9-11," adding that "this time, the terrorists were elected.
[28] Lichtenstein has publicly shared his views on risks and predictions regarding commercial real estate on CNBC[29] and Bloomberg News.
[30] Then-New York City Mayor Bill de Blasio appointed Lichtenstein to the NYC Economic Development Corporation’s Board of Directors in 2015.
[35][full citation needed] Following Hurricane Sandy in November 2012, The Lightstone Group donated more than 11,000 square feet of office space at 1407 Broadway to assist businesses affected by the storm.
[36] The donation – in collaboration with the city Economic Development Corporation – allowed the businesses to remain in the Manhattan offices for as long as six months.
[37][38] Lichtenstein is the author of three books on the Orthodox Jewish perspective on current events and contemporary topics including terrorism, gay marriage, abortion, missionary activities, insanity, genetics, and vaccinations.