David Walentas

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David Walentas
Born1938 (age 85–86)
Rochester, New York, US
Alma mater University of Virginia
OccupationReal estate developer
SpouseJane Zimmerman
Children2 sons

David Walentas (born 1938) is an American billionaire real estate developer. Walentas founded Two Trees Management in 1968. [1]

Contents

Early life and education

Walentas was born in Rochester, New York. [2] His father was of Lithuanian descent. [3] When he was five, his postal worker father suffered a stroke in his 30s and was left paralyzed. His mother had to work two jobs, and David and his older brother Peter went to live on nearby farms, "milking cows and shoveling shit," as "an indentured orphan." [2] He eventually went to the University of Virginia and received a bachelor's degree in mechanical engineering. [2] He worked in Thule, Greenland as a laborer for a summer to pay off his student loans and then spent time traveling through Europe. [4] After he returned to the U.S., he accepted a job with the Peace Corps but instead attended the University of Virginia Darden School of Business where he graduated in 1964. [4] He then took a job with Singer Corporation where he worked in Japan and Australia. [4] While in Asia, he met a schoolteacher from Rochester who was teaching in the Philippines; they married in Japan but the marriage only lasted a year. [4]

Career

Walentas returned to the US and worked for W. R. Grace and Company and saving his money, partnered with Grace family member J. Frederic Byers III (who would later marry Bill Paley's daughter, Hillary), and bought an apartment building in 1968 on 104th and Manhattan Avenue. [4] They expanded into SoHo and NoHo focusing on converting industrial buildings into apartments or coops. [4] In 1978, his partner died. [4] [5] Intent on expanding into Dumbo, Brooklyn, which he thought was the next hot neighborhood, he was able to get $6 million in funding from Ronald Lauder and Leonard Lauder (who he had worked with in the past in the purchase of the Silk Building) and borrowed an additional $6 million which enabled him to purchase two million square feet of property, almost the entire neighborhood. [4] As the neighborhood was zoned industrial, his plan was to convert the buildings into back office space for Wall Street. [4] He was on the verge of signing a deal with Lewis Glucksman of Lehman Brothers but it collapsed after their sale to American Express. [4] At the time, Governor Mario Cuomo was trying to preserve manufacturing jobs and offered Walentas a deal, the Department of Labor would move its operations to Dumbo if he would give existing manufacturers a 10-year lease. [4] After the 10 years passed, the bank that owned the $20 million mortgage on the Dumbo properties went bankrupt and the mortgage was sold it HSBC who then sold it to Walentas at a discounted price of $6 million. [4] In 1995, he was able to get the city to change the zoning to residential. [4] He is currently developing the Domino Sugar Refinery in Williamsburg, Brooklyn. [6]

With his Two Trees Management company, Walentas has transformed the DUMBO area of Brooklyn. [2] [7] In August 2020, he had a net worth of US$2.2 billion, ranking him No. 378 on the Forbes 400 list of America's richest people. [8]

Personal life

Walentas was married with two children and lives in New York City. [8] He is "a passionate polo player". His wife Jane (née Zimmerman) [9] [10] was an artist. [2] Jane died in 2021. [11] Reflecting on his marriage, Walentas stated that it was the "best deal I ever made". [11] His son Jed Walentas is CEO of Two Trees. [8] [12]

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References

  1. ↑ Small, Eddie (January 18, 2024). "The real estate families of New York: The Walentases". Crain's New York Business. Retrieved November 25, 2024.
  2. 1 2 3 4 5 Greenwood, Marcia (October 14, 2014). "David Walentas: From nowhere to billionaire". Democrat and Chronicle . Retrieved October 8, 2015.
  3. ↑ Greenwood, Marcia (October 14, 2014). "David Walentas: From nowhere to billionaire". Democrat & Chronicle . ...a building that housed a tailor shop owned by his paternal grandparents, Lithuanian immigrants; the church where he took his first Holy Communion ("I think that was the last time I was actually in church," he says).
  4. 1 2 3 4 5 6 7 8 9 10 11 12 13 Golia, Julie (August 22, 2017). "David and Jane Walentas - Oral history interview conducted by Julie Golia". brooklynhistory.org.
  5. ↑ Kleiman, Dena (January 1, 1978). "J. Frederic Byers, Realty Executive ,38 , Is Killed in Plunge". The New York Times .
  6. ↑ Sherman, Gabriel. "The Flying Walentases - DUMBO dynasty devours Domino, extends Brooklyn domination". New York Magazine .
  7. ↑ Kohli, Sonali (June 21, 2015). "Developers have figured out the secret sauce for gentrifying neighborhoods". Quartz .
  8. 1 2 3 "David Walentas". Forbes . Retrieved August 5, 2020.
  9. ↑ Zavala, Oswaldo (June 16, 1998). "Richard M. Zimmerman, 57, Longtime South Florida Banker". Sun Sentinel . Archived from the original on November 13, 2012.
  10. ↑ "Moore College of Art & Design gets $1M gift". Philadelphia Business Journal . April 11, 2008.
  11. 1 2 "Jane Walentas, who planted a carousel in Dumbo, dies at 76". artdaily.com.
  12. ↑ "Jed Walentas". YJP Mentors. Retrieved June 29, 2021.
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