Mitchell Hochberg
About Mitchell Hochberg
Mitchell Hochberg, age 73, is President and Chief Operating Officer (COO) of LTSV and also serves as President and COO of Lightstone I, II, III and their advisors, President of LTSV’s Sponsor, and President & COO of the Advisor; he holds a J.D. from Columbia University (Harlan Fiske Stone Scholar) and a B.S. in accounting and finance from NYU . LTSV is externally advised and discloses that executive officers are employees of the Advisor and receive no compensation from LTSV; as such, the proxy does not provide pay-for-performance metrics or TSR/financial performance linkages for executives . During his tenure in senior leadership across Lightstone entities, LTSV executed material projects and financings including opening the Williamsburg Moxy Hotel (March 7, 2023) and refinancing with $95.0M in mortgage loans (April 19, 2024); operational events also included a casualty loss and related insurance recovery process .
Past Roles
| Organization | Role | Years/Duration | Strategic Impact |
|---|---|---|---|
| Spectrum Communities | Founder; President & CEO | Founded 1985; served 20 years | Built luxury residential neighborhoods in the U.S. Northeast |
| Ian Schrager Company | President & COO | Early 2006 to early 2007 | Led innovative luxury hotel/residential development operations |
| Madden Real Estate Ventures | Principal | 2007 to August 2012 | Platform combined with Lightstone Sponsor in Aug 2012 |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Belmond Ltd. | Director | 2009 to April 2019 | Board experience in luxury hospitality; governance oversight |
| WMC Health | Chairman of the Board | Not disclosed (current service noted) | Leadership in regional health system governance |
| Lightstone Enterprises | President | October 2014–present | Oversees broader Lightstone investments and operations |
| Lightstone Value Plus REIT V (Lightstone V) | CEO; Director; Chairman of the Board | CEO effective June 15, 2017; appointed Director & Chairman Aug 31, 2021; continues as CEO | Executive and board leadership for affiliated REIT program |
| Behringer Harvard Opportunity REIT I (OP 1) | CEO | Effective June 15, 2017 | Executive leadership in affiliated real estate program |
Fixed Compensation
| Component | Disclosure Status |
|---|---|
| Base salary | Executive officers are employees of the Advisor; no compensation from LTSV disclosed |
| Target bonus % | Not disclosed; executives compensated by Advisor |
| Actual bonus paid | Not disclosed; executives compensated by Advisor |
| Director/officer compensation committee | No standing compensation committee; full Board handles compensation matters |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Executive incentive metrics at LTSV | Not applicable; executives receive no compensation from LTSV and no CD&A provided |
The proxy provides no RSU/PSU/option grants, performance metric targets, vesting schedules, clawbacks, tax gross-ups, or severance/change-in-control terms for executives because compensation is paid by the external Advisor, not LTSV .
Equity Ownership & Alignment
| Measure | Value |
|---|---|
| Beneficial ownership (shares) | No shares reported for Mitchell Hochberg as of Sept 15, 2025 |
| Shares outstanding (record date) | 7.9 million |
| Ownership as % of shares outstanding | 0.0% (derived from 0 shares and 7.9M outstanding) |
| Vested vs. unvested shares | Not disclosed |
| Options (exercisable/unexercisable) | Not disclosed |
| Shares pledged as collateral | Not disclosed |
| Stock ownership guidelines (executives) | Not disclosed |
| Compliance status vs. guidelines | Not disclosed |
Employment Terms
- Executive employment at LTSV: LTSV has no employees; executive officers (including Hochberg) are employees of the Advisor and receive no compensation from LTSV; thus no executive employment agreements, severance, change-of-control, or clawback terms are disclosed at the LTSV level .
- Advisory Agreement: One-year term, renewable for successive one-year periods upon mutual consent of the Advisor and independent directors; includes various fee arrangements (asset management, development, financing coordination, reimbursements), with oversight by the Board and independent directors .
- Related-party economics and fee deferral: As of Dec 31, 2024, LTSV owed the Advisor and affiliated entities $788,560; during 2Q 2024, the Advisor agreed to temporarily defer payment of asset management fees .
- Subordinated advances (Sponsor): $12.6M principal advanced under a 2016 agreement; repayment subordinated to investors receiving net investment plus 8% annual pre-tax return; outstanding principal and accrued interest were $14.2M as of Dec 31, 2024 .
Performance & Track Record
| Initiative/Outcome | Date | Details | Relevance |
|---|---|---|---|
| Williamsburg Moxy Hotel opened | March 7, 2023 | Development substantially completed; hotel opened; pre-opening costs incurred; JV structure with Lightstone REIT III (75%/25%) | Execution of development strategy and asset commissioning |
| Refinancing via Moxy Mortgage Loans | April 19, 2024 | $86.0M senior + $9.0M junior loans (SOFR+5.10%, 8.75% floor); interest-only; maturity 2027 with two 6-mo extensions; balance $95.0M at 12/31/24 | Capital structure optimization and terming-out construction financing |
| Construction loan exit | April 19, 2024 | Paid off $86.0M construction loan and $0.8M exit fees using $85.8M proceeds, net of $1.0M restricted escrows | Transition from construction to stabilized financing |
| Casualty loss at F&B venue and initial insurance advance | Dec 11, 2024 (loss); 1Q 2025 (advance) | $1.0M gross casualty loss; $0.5M insurance advance reduced net loss to $0.5M; pursuing additional recoveries, including business interruption claim | Operational risk management and insurance recovery efforts |
| 40 East End Ave. JV progress | 2024 | 26 of 29 condo units sold; LTSV received $1.2M distributions and made $0.2M contributions in 2024 | Monetization of development JV; capital recycling |
Board governance context: LTSV’s only standing committee is the Audit Committee (DeMarco, Spinola; DeMarco is chair); Board held four meetings in 2024 with full attendance; two of three directors are independent under NYSE standards .
Investment Implications
- Compensation alignment and transparency: As executives are paid by the external Advisor and not by LTSV, investors lack visibility into Hochberg’s pay mix, performance metrics, vesting schedules, severance/change-of-control terms, or clawbacks at the LTSV level, weakening traditional pay-for-performance analysis and reducing direct alignment disclosures .
- Insider selling pressure and ownership alignment: Hochberg reported no beneficial ownership of LTSV shares as of Sept 15, 2025, implying minimal direct insider selling risk but also limited equity-aligned “skin-in-the-game” at the LTSV entity; pledging is not disclosed .
- Retention and execution risk: Retention/incentive structures are embedded at the Advisor/Sponsor rather than LTSV; continuity hinges on the renewable Advisory Agreement overseen by independent directors, not individual executive contracts at LTSV .
- Related-party governance: LTSV’s strategy and operations involve extensive related-party arrangements with the Sponsor/Advisor and other Lightstone REITs, requiring continued scrutiny of fees, financing terms, and JV governance; fee deferrals and subordinated advances illustrate complex affiliate economics that can impact distributions and capital structure .
- Execution track record: Under the Lightstone platform’s leadership (including Hochberg’s roles), LTSV delivered the Williamsburg Moxy project and executed a sizeable refinancing in 2024; ongoing insurance claims and JV sales activity represent near-term operational catalysts/risks to monitor .