The Lightstone Group has announced that it purchased a single-story, 110,499-square-foot office/warehouse building at 1985 Cedar Bridge Avenue in Lakewood, N.J.
Situated on 11 acres, the building will become the new home of The Lightstone Group’s New Jersey Operations Support Center, including its commercial and residential property management, accounting, financial support and lease administration functions.
Purchased from Jesel® Valvetrain Innovation, a leading-edge manufacturer of innovative automotive race-driven systems, The Lightstone Group plans to occupy 30,000 square feet of the building during the summer of 2008. As one of the largest private real estate owners in the country, the company will be moving from its present Lakewood location at 326 Third Street. Jesel has leased back approximately 68,000 square feet and The Lightstone Group plans to lease the remaining 10,000 square feet.
“The building became available at a time when were contemporaneously searching for a new facility for our New Jersey operations support center,” said David Lichtenstein, chairman and CEO of The Lightstone Group. “Our roots come from Lakewood and our operations expansion here is a testimony to the superior quality of the local workforce. Without a doubt, one of our great competitive advantages is the fabulous employees from the Lakewood area.”
PG Waxman, of Waxman Realty who represented The Lightstone Group in the transaction, added, “For industry leading organizations such as The Lightstone Group and Jesel, this is the perfect location. In addition to its beautiful brick facade, the building is superbly located adjacent to the Garden State Parkway, in close proximity to the Route 70 corridor, and across the street from the Lakewood Airport. The new headquarters will provide many additional job opportunities for the community.”
About The Lightstone Group
The Lightstone Group is one of the country’s largest privately held real estate companies with interests in residential, office, retail, hospitality, and industrial real estate assets. The company, principally through its related operating entities Beacon Property Management, Prime Retail, Extended Stay Hotels, and Prime Group Realty Trust, owns a diversified portfolio of more than 25,000 residential units, 680 hotels and approximately 67 million square feet of office, industrial, hotel and retail properties in 46 states, the District of Columbia, Canada and Puerto Rico. Headquartered in New York, The Lightstone Group employs approximately 14,000 staff and professionals and maintains regional offices in Maryland, South Carolina, Illinois and New Jersey.
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16 Responses
Does Hillery get an office
Who really cares? Why give this fellow and his business so much attention?
Why do you find this to be newsworthy??? You don’t post every real estate transaction a yid makes. Maybe you should add another feature for those interested.
May it bring some bekovedik parnassah to bnei Torah (whether working or learning full time) and their families.
He happens to be employing frum people in Lakewood, when jobs around the area are EXTREMLY hard to find!
Very relevant news, atleast to those in the lakewood community and those who care about them. The post reads “The new headquarters will provide many additional job opportunities for the community” B”H!
My what hatred by some of you.
You know why this is important news in the frum world because David Lichtenstein and the Lightstone Group have been perhaps the largest employer of frum people in Lakewood (and the US). The purchase of this building is a statement that they plan on remaining in Lakewood and continuing to employ kollel wives and other frum people for many years to come. How many frum people have no jobs right now?
Kudos to David for what he has brought to Lakewood and who knows if his tremendous Hatzlacha in business is because of the mitzva he does by employing these people.
Enough said.
Who Cares.
People are unfortunately bored to an extreme, judging by some of the comments on this article.
Go back to work, chopper, shia, rebmoish, etc.
$16 mill. no big deal for DL.
BTW think about the location, across the street from the airport.. Dave’s private jet lands. boom he’s in the office – gevaldik. all he needs to do now is build a runway for his private jet on his Monsey property and he’s all set.
Hey PG, nice deal..but now you gota donate to hillary.
Here’s a guy who moved out of LKWD & not only kept his business here, but is even expanding it – thereby proving more jobs to local Yiddin. For those who are questioning why it’s newsworthy – I think you have your answer.
Yeah, Yeah, k? I used to work for David lichtenstien when my husband was in kollel. He paid generously, gave great benefits and it was a very very kosher atmosphere. All the best to David….
Hey, why not list all real estate closings in Lakewood. WHy is this not newsworthy.
Lichtenstein’s blood is redder than others?
To 2, 3, 8, 10, and 13 – Guys, take a chill! Applaud YWN for this and all the other news items you post. Thank you!
BLI EIN HO’RA
The magnitude and location of this event makes it particularly newsworthy – and should, given the relevance of both DL’s importance to the local community as an employer and an askon, and the example of his hishtadlus in business – aside from his siata d’shmaia, b’h.
No one should feel this casts a shadow on their own hard work – even if it isn’t as openly newsworthy. Only the Good One above can judge how each of us really fits into the big picture, but do we have to only learn of events like this from the secular media?
Mazel tov to all of us. Go for it, DL!