NY Observer > David Walentas

The Son Rises Over The East River

Dana Rubinstein — Tue, 06 May 2008 16:01:55 -0400

Location: How long have you been working with your father, David?

Mr. Walentas: Since ’97.

And before that you were with Donald Trump?

The Redefined Rental Starts Here: New Rendering of Walentases' Clinton Park

Dana Rubinstein — Mon, 05 May 2008 12:06:12 -0400

Check out this eye-popping new rendering of the Walentas family's $600 million Clinton Park development planned for Manhattan's far West Side, on 11th Avenue, between 53rd and 54th streets.

The Walentas family released this new rendering of the mixed-use development, complete with this sinuous spine of gardened terraces, a car dealership on the ground floor, and about 900 rental apartments on top. read more »

A Suit Grows In Brooklyn: Walentas Gets Sued Over Square Footage

Max Abelson — Fri, 16 Nov 2007 15:10:03 -0500

Pity Brooklyn’s 110 Livingston! Mayor Bloomberg called the former Board of Education HQ a “notorious Kremlin” and “rinkydink candy store,” and Giuliani once said it should be blown up.

But even after the DUMBO developer David Walentas bought the building and converted it into fancy condos, there are still troubles. read more »

The Walentas Family

Max Abelson — Sun, 17 Dec 2006 19:00:00 -0500

Back in 1979, developer David Walentas was hanging around one of his earliest buildings—the Silk B read more »

In This Week's Observer...

Observer Staff — Wed, 13 Dec 2006 06:05:50 -0500

Dynasty: The Picket Family "David Picket, 44, might not have hit the jackpot. But he can at least feel accomplished about reaching that against-all-odds fourth-generation mark. Like his father, grandfather, and great-grandfather, Mr. Picket is now a boss of the reputable family construction business, which dates back to 1913. 'The fact that one generation made it, and now four have made it, is pretty phenomenal,' he said." Go to story by Chris Shott Dynasty: The Speyer and the Tishman Families "The Speyer family does everything fabulously, and the only reason you don't hear more about them is that they are fabulously modest. (They are also fabulously rich.) This year, the Speyers broke two U.S. real estate records: their $5.4 billion purchase of Stuyvesant Town and Peter Cooper Village, the most expensive property purchase ever, and their $1.8 billion sale of 666 Fifth Avenue, the highest price ever for a single asset." Go to story by Matthew Schuerman Dynasty: The Trump Family "It's with a certain contempt that Manhattan's developer class admits that among its most prominent family names-Rudin, Rose, Stern, Tisch, Durst-only one is a household word today: Trump. Of course, Donald Trump's real-estate empire is full of the kinds of dramatic reversals of fortune that have always attracted ink in this town. And then, no matter how many deals the other guys make, there's a certain television show." Go to story by Tom Acitelli and John Koblin Dynasty: The Zeckendorf Family "It all started with William Zeckendorf Sr., the real estate mogul's real estate mogul whose greatest fault lay in being years ahead of his time. He assembled the parcel on which the United Nations rose in 1947 as well as built the Roosevelt Field shopping center on Long Island, the Century City complex in Los Angeles, and several urban renewal projects in Washington, D.C., and Philadelphia. Then he went broke. His son, William Jr., vowed to take fewer risks, and he did, for a while, but then he too fell upon difficult times." Go to story by Matthew Schuerman Dynasty: The Walentas Family "Back in 1979, developer David Walentas was hanging around one of his earliest buildings-the Silk Building, which he'd just converted into condominium lofts. 'I was talking to one of the kids, one of the flaky kids,' Mr. Walentas said--meaning the hipsters that hung around Silk before Britney Spears and Keith Richards showed up decades later. 'And I said, 'Soho? Noho? What's next?'' And some kid said, 'DUMBO.' And I said, 'What the fuck is DUMBO?''" Go to story by Max Abelson Dynasty: The Warburg Peters Family "Upper East Side real-estate brokers like to speculate about the future of Frederick Warburg Peters. His exclusive and independent little brokerage, the storyline goes, may be fated for what so many exclusive firms have embraced: a buyout from a national real-estate conglomerate like Reology." Go to story by Max Abelson Class B Building Near Columbus Circle Goes for $126 Million "A historic 15-story converted office building south of Columbus Circle is selling for at least $126 million. The building, known as Rodin Studios, is located at 200 West 57th Street at the corner of Seventh Avenue, and is in contract to the Feil Organization, the company CEO Jeffrey Feil confirmed Monday." Go to Commercial Breaks by John Koblin Mets All-Star Claims Gramercy Apartment for $6.5 Million "The New York Mets' All-Star third baseman David Wright caught a contract for a $6.5 million apartment in the Infinity Lofts at 24 East 21st Street. And hot-shot trial lawyer Marc Bern bought from music producer Mark Ross, the son of the late Time Warner CEO, an $8.75 million apartment at 944 Park Avenue." Go to Manhattan Transfers by Max Abelson Wolfe Wrong About Landmarks Commission "On the sleepy last Sunday in November, Tom Wolfe flipped a middle finger at the city's Landmarks Preservation Commission. The writer, still angry about the commission's decision last year not to landmark 2 Columbus Circle, essentially called the commission pawns of the developer class in the city's booming real-estate market. Going by the numbers, Mr. Wolfe and his sympathizers seem to have it all wrong." Go to The Lab by Tom Acitelli

Boymelgreen Loses His Empire (Stores)

Observer Staff — Fri, 01 Dec 2006 10:06:17 -0500

Developer Shaya Boymelgreen lost his deal with the Empire State Development Corporation to develop the Empire Stores after "he let it languish for three years while moving forward with luxury condo projects in" the surrounding Dumbo neighborhood, the Brooklyn Papers reports.

Once upon a time, rival David Walentas scoffed at Boymelgreen's $140 million promise, saying he would never get the rents to justify the offer. It sounded like sour grapes, but maybe the King of Dumbo was right after all.

- Matthew Schuerman

In Today's Observer: Cruising!

Observer Staff — Wed, 12 Oct 2005 05:50:00 -0400

Choire Sicha investigates the future of cruising: What do all these new developments in traditionally cruising-friendly areas--waterfronts, windswept canyons between buildings late at night, parks--mean for men who go out in search of tearoom trade?

Jaqui Safra has "quietly" (read: no brokers) put his Upper East Side limestone mansion on the market for $50 million--making him the latest bid to break the record set by Rupert Murdoch, who purchased the Rockefeller triplex at 834 Fifth Avenue for $44 million. Uber-gallerist Larry Gagosian's "people" deny a rapidly spreading rumor that he's buying the place--for the asking price.

David Walentas, the guy who turned all of the cool factory buildings in Dumbo into expensive lofts, is trying to get a piece of the action as the city begins to parcel out development land adjacent to the planned riverfront park at the Brooklyn Bridge. Remember when we were worried all those nice Chelsea gallerists like Matthew Marks and Barbara Gladstone were on the way out? Umm, not any more. Brook Mason finds out just how much dough they're raking in these days.

David Walentas Unplugged

Observer Staff — Mon, 10 Oct 2005 07:21:00 -0400

We hadn’t thought of calling David Walentas a few weeks ago when we did a piece for the Observer on the re-emergence of superblocks at Ground Zero and Brooklyn. It turns out the King of Dumbo has some firm ideas about urban planning. When asked innocently the other day what he thought of the Atlantic Yards complex, designed by Frank Gehry and proposed by rival Forest City Ratner, Walentas delivered this treatise:

“I think the Nets are good. I think the transportation is good. I think the housing is too dense and I think the superblocks they have there is a bad idea. I think superblocks don’t work anywhere in America. I think you need streets between buildings. You need traffic and pedestrians for safety and activity and shops and restaurants. But architects like these utopian kinds of ideas. They don’t work….

“I think that it will really change and connect those neighborhoods. The railroad yards are not beautiful. They are a terrible barrier and I think it will connect those neighborhoods….

“We did a rehab on a big property out in Queens that was built in the 60s and it was a disaster because they had closed the streets and they had made these superblocks-Kew Garden Hills, 150th between Kissena and Main-it was six or eight city blocks. They had closed the streets and made these superblocks and it was a disaster. So we put the streets back in. Superblocks don’t work. People in urban areas not only need streets. You need shops on the streets. You need parking on the streets. That’s what a city is about. Whether a building is 10 stories or 20 stories doesn’t matter. It’s a big mistake.”

-Matthew Schuerman

Last Exit to Brooklyn, Pt. II

Observer Staff — Thu, 04 Aug 2005 11:30:00 -0400

The Daily News reported last week that Steven Russell, of Final Contracting, was arrested for beating an undercover union operative (or "salt") who was investigating alleged off-the-book payments to immigrant workers at the Board of Education Building at 110 Livingston Street (photo, right, via Brownstoner) in downtown Brooklyn.

The building is being developed by David Walentas' Two Trees Management firm. The 12-story, 335,000-square-foot building, which sold for over $45 million, will be converted into 245 luxury condos. Final Contracting is demolishing the interior of the building.

Mr. Russell allegedly spotted a wire that the union salt, Otto Montenegro, was wearing, and said, "I'm gonna kill you. I'm gonna put you in a Dumpster, and nobody will know you were here." He, along with a crew of workers, then allegedly beat the crap out of Mr. Montenegro. Ah, solidarity in the workplace. Currently, the building enjoys an inflatable rat set up outside to greet non-union workers entering and leaving the building. Give 'em hell, boys! Union men, unite! —Matthew Grace

Flying Walentas

Observer Staff — Fri, 08 Jul 2005 13:09:00 -0400

Quirky developer David Walentas and his son Jed--the duo that either ruined DUMBO or made it, depending on whom you listen to--is making inroads into Cobble Hill.

Their somewhat bland Courthouse luxury residential apartments just opened up at the corner of Atlantic Avenue and Court Street, and their company, Two Trees, is already angling for another development on the same intersection.

For now, it doesn't look good.

The company owns 130 Court Street-—the Independence Savings Bank building. Two Trees was seeking approval from Brooklyn Community Board 6 to demolish an extension and to build a seven-story residential building next-door.

But in April, the board unanimously voted for a resolution calling on the Landmarks Preservation Commission to sink the Two Trees bid.

Two Trees needs the L.P.C.'s nod because, unlike the Courthouse complex, 130 Court Street sits in the Cobble Hill historic district. Community boards serve a purely advisory role, but the L.P.C. often takes them pretty seriously.

The main problem, according to community groups opposed to the plan, is that Two Trees didn't care much for the historic district's 50-foot-height limitation on new buildings.

Jane McGroaty told us: "We consider the 50-foot height limit to be sacred."

Diane Jackier, a spokesperson for the L.P.C., said a vote on the plan that was scheduled for July 12th had been tabled.

The Real Estate hasn't yet gotten hold of anyone from Two Trees.

- Matthew Grace