Lightstone donates apartments to Hurricane Katrina victims

Real Estate Weekly, Sept 28, 2005

As the victims of Hurricane Katrina struggle to piece their lives back together, The Lightstone Group is doing what it can to help.

The Lightstone Group has donated 50 apartment units at one of its residential complexes located in Memphis, Tennessee to house homeless hurricane victims for six months, and is generously matching employee donations to the American Red Cross, $1 per dollar, up to $100,000 total.

David Lichtenstein, chairman and principal of The Lightstone Group said, "We have seen the news reports capturing the devastation from Hurricane Katrina and have been moved to action.

"We are fortunate to have the ability to house families affected by this traumatic event and can only hope that in some small way, those affected by this tragedy will be able to take some comfort in receiving this temporary shelter."

The Lightstone Group is donating 50 apartments at Ascension Towers in Memphis to house victims for free. The Lightstone Group is working with the city of Memphis to ensure basic supplies, as well as toys for children, will be onsite for victims.

Lichtenstein will generously match every $1 cash donation to the American Red Cross, up to $100,000 total, donated by employees of The Lightstone Group family of companies--The Lightstone Group, Prime Retail, Inc., Prime Group Realty Trust (PGRT), Park Avenue Funding, LLC, Park Avenue Bank, Lightstone Securities and Lightstone Value Plus Real Estate Investment Trust.

In addition, Prime Retail has initiated a portfolio-wide collection drive campaign to benefit Hurricane Katrina victims.

Bob Brvenik, president of Prime Retail, commented, "On behalf of thousands of Prime Retail employees who have been so moved by this tragedy, we're doing whatever we can to help. Prime Retail has attached a link to the American Red Cross on our web site homepage, and most of our centers are hosting local collection drives to collect monetary and supply donations for the hurricane victims."