Steven Spinola
About Steven Spinola
Steven Spinola (age 76) has served as an independent director of Lightstone Value Plus REIT IV, Inc. (LTSV) since 2015 and is a member of the Audit Committee; he is designated by the Board as an “audit committee financial expert” under SEC rules . He holds a BA from City College of New York (political science and government) and previously served as President of the Real Estate Board of New York (REBNY), becoming President Emeritus as of July 1, 2015; earlier, he was President of the New York City Public Development Corporation (now NYCEDC) . The Board has affirmatively determined he is independent under NYSE director and Audit Committee standards .
Past Roles
| Organization | Role | Tenure/Dates | Committees/Impact |
|---|---|---|---|
| Real Estate Board of New York (REBNY) | President; President Emeritus (as of July 1, 2015) | President since 1986; President Emeritus from July 1, 2015 | Industry leadership; extensive real estate expertise cited as rationale for board service |
| New York City Public Development Corporation (now NYCEDC) | President | Prior to REBNY presidency | Public development and economic development leadership experience |
External Roles
| Organization | Role | Tenure/Dates | Notes |
|---|---|---|---|
| Lightstone Value Plus REIT V, Inc. (Lightstone V) | Director | September 2017–present | Affiliated with LTSV’s Sponsor/Advisor network; reflects sponsor group interlocks |
Board Governance
- Committee assignments: Audit Committee member; Audit Committee comprises two independent directors (Michael J. DeMarco—Chair; Steven Spinola) .
- Independence: Board determined Spinola is independent under NYSE standards and Audit Committee independence standards .
- Financial expertise: Spinola is designated an “audit committee financial expert” by the Board .
- Attendance: Audit Committee held four meetings in 2024; Spinola attended all meetings (100% attendance) .
- Tenure: Director since 2015 .
Fixed Compensation
| Component | Amount | Frequency | Notes |
|---|---|---|---|
| Independent Director Annual Fee (cash) | $40,000 | Quarterly installments | Reimbursement of out-of-pocket expenses also provided |
| Audit Committee Chair Fee (cash) | $10,000 | Quarterly installments | Applies to Chair (DeMarco), not Spinola |
Performance Compensation
| Metric/Instrument | Terms | Vesting | Notes |
|---|---|---|---|
| Equity awards (RSUs/PSUs/Options) | None disclosed for directors | N/A | Proxy states only cash fees; no equity-based director compensation disclosed |
| Performance metrics tied to pay (TSR, EBITDA, ESG, etc.) | None disclosed for directors | N/A | No Compensation Discussion & Analysis; Board (not a committee) oversees compensation |
Other Directorships & Interlocks
| Company/Entity | Type | Role | Overlap/Interlock Risk |
|---|---|---|---|
| Lightstone Value Plus REIT V, Inc. | Affiliated REIT | Director | Part of Lightstone sponsor/advisor ecosystem; interlocks within affiliated programs |
The company operates under an external management model where the Advisor and Sponsor (majority-owned by David Lichtenstein) provide services, creating inherent related-party dynamics overseen by independent directors .
Expertise & Qualifications
- Real estate industry leadership: Longstanding REBNY leadership and NYCEDC experience support audit and governance oversight .
- Audit committee financial expert designation: Board cites Spinola’s qualifications under SEC rules .
- Education: BA, City College of New York (political science and government) .
Equity Ownership
| Holder | Shares Beneficially Owned | % of Outstanding | Record Date |
|---|---|---|---|
| Steven Spinola | – (none reported) | – | September 15, 2025 |
Section 16 compliance: The company states all officers/directors complied with Section 16 filing requirements for 2024 .
Governance Assessment
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Strengths:
- Independence affirmed; Spinola is one of two independent directors and serves on the sole standing committee (Audit) .
- Audit oversight: 100% attendance and co-signatory to Audit Committee report; ensures auditor independence and financial reporting integrity .
- Financial expertise designation reduces risk on audit oversight quality .
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Concerns/RED FLAGS:
- No equity ownership reported as of record date, which weakens “skin-in-the-game” alignment for an independent director .
- Cash-only director pay structure; absence of equity-based compensation or performance linkage reduces alignment with long-term shareholder outcomes .
- Extensive related-party dependencies: Advisor and Sponsor (majority-owned by CEO/Chair David Lichtenstein) receive fees; advisory agreement renewable with consent of independent directors, placing significant conflict-management burden on the Audit Committee/independent directors .
- Portfolio includes related-party joint ventures (e.g., 40 East End Ave. JV controlled by Sponsor affiliates), necessitating heightened conflict oversight .
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Signals affecting investor confidence:
- Positive: Clear independence determination; robust Audit Committee activity and documented pre-approval of auditor services .
- Negative: Alignment risk due to no disclosed equity ownership or performance-linked compensation; persistent related-party transactions requiring vigilant independent director oversight .
Appendix: Auditor Oversight Context
| Year | Audit Fees | Tax Fees | Total Fees |
|---|---|---|---|
| 2023 | $160,000 | $30,555 | $190,555 |
| 2024 | $156,000 | $56,805 | $212,805 |
Audit Committee affirmed independence of auditors and recommended inclusion of audited financials in the Form 10-K; report signed by Spinola and DeMarco .