David Walentas | TRD Research
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David Walentas

Founder and Principal
Two Trees Management
45 Main Street, #602
Brooklyn, NY 11201
(718)-222-2500
Website

David Walentas is the co-founder, with the late Jeff Byers, of Two Trees Management, a real estate development firm credited with transforming Dumbo from a derelict industrial area into a high-end residential enclave. His son, Jed Walentas, is the chief executive of the firm and has assumed daily operating responsibility.

Walentas began piecing together his Dumbo properties in 1978 with the purchase of the Clock Tower Building for $6 a square foot, or $1.5 million for the 250,000-square-foot structure. At the time, it housed a tape business whose trucks had a hard time navigating Dumbo's narrow, stone-covered streets.

He grew up in Rochester, N.Y., went to the University of Virginia on a Navy ROTC scholarship, and graduated with a degree in mechanical engineering. He also attended business school at Virginia, and graduated in 1964.

-TA

Two Trees Management, Principal
45 Main Street, Suite 602, New York, NY, 718.222.2500
Jed Walentas has, since joining it in 1997, gradually come to run the...
  • Event Office Leasing
  • Address 20 Jay Street
  • Neighborhood DUMBO
  • Borough Brooklyn
  • Square feet 4,315
notes
The art and design institute took space for its graduate students in the digital arts department to create interactive media and digital imaging.
  • Event Office Leasing
  • Address 20 Jay Street
  • Neighborhood DUMBO
  • Borough Brooklyn
  • Square feet 15,533
notes
The foundation signed a lease to provide free art studios to various artists.
  • Event Sales
  • Address 11th Avenue btw. 53rd and 54th Streets
  • Borough Manhattan
  • Price $ 130,000,000
notes
The Dumbo developer is in contract to buy most of the block for approximately $130 million. Walentas is seeking to have the land rezoned from industrial to residential in order to develop more than 1,000 apartments on the site. This would be his first Manhattan project in more than 25 years.
  • Event Office Leasing
  • Address 55 Washington Street
  • Neighborhood Fulton Ferry
  • Borough Brooklyn
  • Square feet 39,553
  • Publication Date 08/01/2006
  • Event Date 06/17/2006
  • Party 1 Two Trees Management
  • Party 1 Broker David Walentas
  • Party 2 Wireless Generation
  • Party 2 Brokerage Cushman & Wakefield
  • Party 2 Broker Robert Lowe, C. Brown
notes
The educational software and services firm signed a 10-year lease for space on the ninth floor. The firm, which has 150 New York-based employees, relocated from Midtown to take advantage of the New York City Department of Finance Relocation and Employment Assistance Plan tax incentive plan, which offers large tax credits to tenants relocating all or part of their businesses from south of 96th Street in Manhattan to eligible buildings in the outer boroughs and north of 96th Street. The incentives resulted in a net effective rent reduction of $11 per square foot.

09/01/2017
At Two Trees, David Walentas remade Dumbo, transforming it from a world of old warehouses to one of Brooklyn’s priciest residential neighborhood today...

04/01/2016
While many of NYC’s billionaires made their fortunes in finance and media, 11 of them built â€' or inherited â€' real estate empires, including Stephen Ross, Richard LeFrak, Donald Trump, Jerry Speyer, Leonard Stern, Sheldon Solow, John Catsimatidis, Jeff Sutton, Mortimer Zuckerman, David Walentas, Alexander Rovt and Leon Charney (who died last month)...

08/01/2014
David and Jed Walentas of Two Trees Management are the busiest developers in Brooklyn All the talk about a second wave of condo development in David and Jed Walentas of Two Trees Management are the busiest developers in Brooklyn All the talk about a second wave of condo development in...

06/01/2014
Meanwhile, the Two Trees Farm, an equestrian estate owned by developer David Walentas of the Dumbo-based Two Trees Management Company, is an open listing that first went on the market in June 2010 asking $95 million...

11/01/2013
According to TRD’s research, the 351-unit 101 Bedford in Williamsburg has the most units of any rental project to launch in the past year. By contrast, the Domino Sugar redevelopment, developed by David Walentas’ Two Trees, which is expected to break ground next year, is slated to have a stunning 2,284 rentals (although 660 of them will be set aside as affordable)...

06/01/2013
From left: Related's Jeff Blau, 95 Down East Lane and 20 Drew Lane As summer ramps up in the Hamptons, the results of the winter From left: Related's Jeff Blau, 95 Down East Lane and 20 Drew Lane As summer ramps up in the Hamptons, the results of the winter...

07/01/2011
For example, the priciest listing currently on the market in Brooklyn is a $23.5 million triplex penthouse in the ClockTower Building, a former cardboard factory converted to condos by developer David Walentas; a penthouse at Richard Meier-designed On Prospect Park is priced at $5.1 million...

01/31/2010
Click chart for larger versionThirty years ago, the notion that the largely industrial area at the foot of the Manhattan and Brooklyn bridges would one Click chart for larger versionThirty years ago, the notion that the largely industrial area at the foot of the Manhattan and Brooklyn bridges would one...