Dumbo NYC

The Real Deal came out with an interview of the unofficial mayor of Dumbo, David Walentas. Mr. Walentas, the owner and president of Two Trees Management Company — a Dumbo, Brooklyn-based firm that he founded over 35 years ago and that has developed, owned, and managed almost $1 billion in real estate since then. Mr. Walentas purchased eight buildings — 2 million square feet — at $6 per square foot in 1978. For almost 30 years, he’s persisted and has gone through the ups and downs of trying to redevelop Dumbo while keeping the neighborhood character. Some highlights:

What has been your biggest contribution to society?
My kid, Jed, who is terrific. But, in a larger sense, probably Dumbo. As a large urban development, it is one of the few things that will matter in 100 years.

You make it sound like you are solely responsible for Dumbo.
I am solely responsible. My wife Jane, who has been my partner, certainly she was responsible, but we didn’t get a lot of help from the government and nobody wanted to work with us for a long time. Nobody really got it. The planning people didn’t get it. The community board voted against every rezoning we proposed down there. The banks all quit. My partners all quit, so we ended up with all the marbles.

What is your greatest achievement professionally?
Clearly Dumbo has defined my life for the last 25 years, my whole adult life. And it has been entirely successful on every level. When I first got there, it was vacant industrial buildings. We bought 2 million square feet from Harry Helmsley for $12 million. We are going to sell one apartment in the Clock Tower [Building] probably for twice that.

{The Closing: David Walentas, The Real Deal, October 2006}