March 29, 2019
Lightstone is partnering with PKS Group LLC, led by former Goldman Sachs partner Peter K. Scaturro, on an Opportunity Zone platform that will offer individual single-asset investment opportunities. The platform’s first investment will be one of Lightstone’s own projects: a Moxy Hotel it’s developing in Williamsburg.
“With this first investment, we will be building upon Lightstone’s substantial track record in hospitality development, which positions us as a uniquely qualified opportunity zone sponsor,” said Lightstone founder David Lichtenstein (pictured). “We look forward to working with PKS and to building our Opportunity Zone platform together.”
Citing Lightstone’s “extensive development capabilities” as a point of differentiation, Scatturo noted that typically, his firm’s clients “prefer to make direct investments rather than to invest in blind pools. Lightstone already controls several development-ready properties in identified Opportunity Zones, with our development already underway in Williamsburg. We see that as a significant advantage for our clients.”
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