David Walentas
David Walentas | |
|---|---|
| Born | 1938 Rochester, New York, U.S. |
| Occupation | Real estate entrepreneur |
| Known for | Founder of Two Trees Management |
| Notable work | Redevelopment of Dumbo, Brooklyn and Domino Sugar Refinery in Williamsburg, Brooklyn |
David Walentas (born 1938) is a prominent American billionaire real estate entrepreneur and the founder of Two Trees Management, a company he established in 1968.
Early life and education
Born in Rochester, New York to a family with Lithuanian roots, Walentas spent part of his childhood living on farms alongside his brother after their father suffered paralysis due to a stroke. He obtained a bachelor's degree in mechanical engineering from the University of Virginia and subsequently earned an MBA from the University of Virginia Darden School of Business in 1964. To support his studies, he took summer jobs abroad, including at Thule Air Base in Greenland. After completing his education, Walentas worked for Singer Corporation, with assignments in Japan and Australia. During this time, he experienced a brief marriage while residing in Asia.
Career
Upon returning to the United States, Walentas joined W. R. Grace and Company and collaborated with J. Frederic Byers III, a member of the Grace family, to acquire an apartment building located at 104th Street and Manhattan Avenue in 1968. Their ventures expanded into SoHo and NoHo, where they converted former industrial spaces into residential apartments or co-ops. Following the death of his partner in 1978, Walentas concentrated on revitalizing Dumbo, Brooklyn. He raised $6 million from Ronald and Leonard Lauder and secured an additional $6 million loan to purchase nearly two million square feet of property, effectively acquiring most of the neighborhood. Although zoned for industrial use, his vision was to transform these buildings into back-office facilities for Wall Street firms. A potential agreement with Lewis Glucksman of Lehman Brothers fell through after Lehman Brothers was acquired by American Express. Subsequently, Governor Mario Cuomo proposed relocating the Department of Labor to Dumbo on the condition that existing manufacturers receive ten-year leases.
After this lease period ended, the bank holding the $20 million mortgage went bankrupt; the loan was then sold to HSBC, which later sold it to Walentas at a reduced price of $6 million. In 1995, he achieved rezoning approval for Dumbo to allow residential development. By 2024, he completed the redevelopment project of the Domino Sugar Refinery located in Williamsburg, Brooklyn.
Under his leadership at Two Trees Management, Walentas played a key role in transforming Dumbo into a vibrant area combining residential living with commercial activity. As of August 2020, his net worth was estimated at approximately US$2.2 billion, placing him at number 378 on the Forbes 400 list of wealthiest Americans.
Personal life
Residing in New York City, Walentas was married to artist Jane (née Zimmerman) until her passing in 2021; he regarded their marriage as "the best deal I ever made." The couple had two children, one of whom is Jed Walentas, serving as CEO of Two Trees. Additionally, David Walentas is recognized for his enthusiasm for polo.
External links
- CUNY TV: "BuildingNY: David Walentas" February 9, 2011