Early Life and Education
David Walentas was born in Rochester, New York, in 1938. His father, a postal worker, suffered a stroke when Walentas was young, leading to financial difficulties for the family. He attended the University of Virginia and earned a bachelor's degree in mechanical engineering and later a degree from the University of Virginia Darden School of Business.
Rise to Success
Walentas's career in real estate began in 1968 when he founded Two Trees Management Company. The company's initial focus was on converting industrial buildings into apartments and commercial spaces. Walentas's strategic acquisition of properties in DUMBO (Down Under the Manhattan Bridge Overpass) in Brooklyn and his vision for transforming the area into a residential and commercial hub were key to his success. He also played a significant role in the redevelopment of the Domino Sugar Refinery in Williamsburg, Brooklyn.
Key Business Strategies
Key strategies include acquiring undervalued properties in emerging neighborhoods like DUMBO and Williamsburg. He then spearheaded rezoning efforts to facilitate residential development and the adaptive reuse of industrial buildings. Walentas focused on creating mixed-use communities, incorporating amenities like parks, schools, and cultural spaces to enhance the quality of life. His long-term approach and commitment to community development have added value to his assets over time.
Philanthropy
Walentas is involved in philanthropic activities and in 2019, he pledged $100 million to the University of Virginia. In 2024, he is also known for the David Prize, an annual award that gives out $200,000 each year to five New Yorkers who are working to improve the city.
