Early Life
David Walentas was born in Rochester, New York, in 1938. His father, of Lithuanian descent, was a postal worker who suffered a stroke when David was young, leaving the family in financial hardship. This early experience instilled in Walentas a strong work ethic and a drive to succeed. As a youth, he worked on farms to help support his family. He attended the University of Virginia, where he received a bachelor's degree in mechanical engineering and later graduated from the University of Virginia Darden School of Business in 1964.
Rise to Success
Walentas's career in real estate began in 1968 when he founded Two Trees Management. He partnered with J. Frederic Byers III, and together they bought an apartment building in Manhattan. The company expanded into SoHo and NoHo, converting industrial buildings into apartments. A pivotal moment came in the 1970s when Walentas, using funds from investors including Ronald and Leonard Lauder, acquired a significant portfolio of industrial buildings in DUMBO, Brooklyn. This marked the beginning of his transformative impact on the area. Walentas played a key role in rezoning the area to allow for residential development, turning DUMBO into a sought-after neighborhood. He later acquired the Domino Sugar Refinery site in Williamsburg, Brooklyn, and initiated a redevelopment project to transform it into a mixed-use community.
Key Business Strategies
Walentas's key business strategies involved identifying undervalued properties, particularly in areas with significant redevelopment potential. He was adept at acquiring large parcels of land and advocating for zoning changes to facilitate his vision. A key aspect of his strategy was converting industrial buildings into residential lofts, thus creating high-demand living spaces.
Philanthropy
The Walentas Family Foundation, founded by David and his son Jed, supports Brooklyn-area real estate, educational, and cultural projects. In 2019, the foundation launched the David Prize, awarding $200,000 annually to individuals making a positive impact on New York City. He pledged $100 million to the University of Virginia.