The Real Deal New York

Spinola joins board of Lightstone REIT

Former REBNY prez stepped down at the end of June

August 04, 2015 12:32PM
By Rich Bockmann

David Lichtenstein and Steven Spinola

David Lichtenstein and Steven Spinola

A little more than a month after stepping down as the longest-serving president at the Real Estate Board of New York, Steven Spinola is getting back to work.

Spinola, who stepped down at the end of June after nearly 30 years heading the influential trade organization, is taking a role as the independent director on the board of governors at a real estate investment trust run by the Lightstone Group, the company told The Real Deal.

“We are pleased that Steven has joined the board of our non-traded, public REIT,” Lighstone Chairman David Lichtenstein wrote to TRD. “His integrity coupled with his vast experience in New York City real estate, provides us a tremendous resource offering keen real estate industry expertise.”

The company founded Lightstone Real Estate Income Trust last summer as a vehicle to invest debt and equity in real estate assets. As of March, the REIT had not made any acquisitions, according to its quarterly report.

The REIT has raised $2.3 million so far and intends to sell shares through February.

Spinola now has the title of president emeritus at REBNY after handing the baton to his successor, John Banks.