Hochberg Takes the Reins as Lightstone President

NEW YORK CITY-Privately held REIT the Lightstone Group is elevating industry veteran Mitchell Hochberg to the presidency of the firm, effective Jan. 1. He'll succeed Peyton Owen Jr., who will be retiring at the end of this year, although Owen will remain as president of two non-traded REITs sponsored by Lightstone.

In a release, Lightstone chairman and CEO David Lichtenstein cites Hochberg's “impeccable record of accomplishments, running real estate organizations focused on residential and hotel acquisition and development for the past 30 years.  We look forward to his leadership in the coming years.”

Hochberg will also oversee Lightstone's investment strategies and will work with Owen to ensure a smooth transition. Lichtenstein praises Owen for “helping us navigate rough waters during the worst economic downturn we've seen in decades.”

An industry veteran of more than decades' standing, Hochberg has experience in real estate industry investment, development and operations for residential, hospitality, commercial, gaming and mixed-use properties. He was a principal at Madden Real Estate Ventures, which was combined with Lightstone as Hochberg joined the company as CIO earlier this year.   

Hochberg founded Spectrum Communities in 1985 and served as its president and CEO. Under his leadership, Spectrum built $2 billion worth of residential properties and earned numerous awards from the National Association of Homebuilders. After selling Spectrum to WCI Communities in 2004, Hochberg served as president and COO of hotel developer/manager Ian Schrager Co.

Hochberg's appointment comes at a time when locally based Lightstone is focusing on its own backyard. In June, Lichtenstein told GlobeSt.com that the firm planned three projects across the city, including a 200-plus 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,” Lichtenstein said in June. “The grass has always been greener elsewhere, and that's not true—the grass is greener exactly where we live.”