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David Walentas Built $2 Billion Real Estate Portfolio After Farm Work and Military Service
David Walentas grew up during the Depression in Rochester, New York, and later built a real estate company that developed the Dumbo neighborhood in Brooklyn. Forbes estimates his net worth at $2 billion through Two Trees Management, which owns more than two dozen properties.
May 17, 6:00 AM·1m read1 source
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David Walentas grew up in Rochester, New York, during the Depression. His father suffered a stroke when Walentas was five, leaving him paralyzed. His mother sent him and his brother to work on nearby farms after the family needed additional income. Walentas described the farm work as difficult.
He said the boys milked cows and shoveled manure before and after school. He later joined a Navy ROTC program at the University of Virginia after seeing a scholarship poster in high school.
U.S. airbase in Greenland. He later worked at Singer Corporation and moved to New York in 1966. He began buying properties in Manhattan before focusing on the industrial area that became Dumbo. Walentas secured $6 million in private loans from Ronald and Leonard Lauder.
He negotiated with state officials to rezone the area while protecting manufacturing tenants for up to ten years. Forbes estimates his current net worth at $2 billion.
Walentas said he prefers to manage every property his company owns. He met his wife Jane in 1969 when she rented an apartment from him. Their son Jed now oversees daily operations at Two Trees Management.
