Walentas: Duke of Dumbo

How much is David Walentas worth? "Three or four hundred million. I don't know, really," he told Reuters. "We made $200 million alone on one building last year." As far as we're concerned, he deserves every penny for the risk he took in placing his bet on Dumbo over 25 years ago. His strategy of offering free rent to store owners and art galleries has been an effective strategy; and now he's talking about building a $30 million park and donating it to the State. His own one-of-a-kind 6,000-square-foot loft in the clock tower isn't on the market, but if you've got $25 million to spend, he says you're welcome to it. Of course, it wasn't always this good for Walentas. "For years I couldn't pay my taxes and couldn't service debt," he says. "But the mortgage company didn't even want to foreclose."
Brooklyn Developer is Duke of Dumbo [Reuters]

Comments

Yes, Walentas has been good to the artists in DUMBO, and the renovations of the buildings are beautiful, esp One and 30 Main St. However, his support comes with restrictions. For example, if you have a studio in one of his buildings, and you don't agree with one of his projects, and you go to publically testify against his project, your lease will not be renewed! Neither he nor his wife will stand for any disapproval with his development projects. BEWARE!

Posted by: joey at June 13, 2006 10:53 AM

He looks constipated in that photo.

Posted by: Anonymous at June 13, 2006 11:15 AM

He is also very active downtown Bklyn.
New construction CourtHouse at NE corner Atlantic/Court, old BdofEd on Livingston, old building between Court/Clinton on Atlantic - and I think is the one that wanted to build above IndBank on SW corner of Atlantic/Court.

Posted by: Anonymous at June 13, 2006 11:36 AM

Why would anyone want a tenant who made problems for them?

If I were him, I'd kick out the bastards too.

Posted by: Anonymous at June 13, 2006 1:00 PM

I see him out in Red Hook all the time. Ran into the Mrs. W at Baked yesterday AM. Maybe he thinking about treading on Greg's turf?

Posted by: Anonymous at June 13, 2006 2:27 PM

More like, Dookie of DUMBO

Posted by: Anonymous at June 13, 2006 5:38 PM

I'm surprised at your naivete about David Walentas. Don't you read the stories about what a rat he is?

Posted by: Anonymous at June 13, 2006 6:03 PM

it's kinda scary when one individual is responsible for the planning of an entire neighborhood. His biases and predilections are apparent. It's okay if you own a few buildings and decide upon your tenants, but when it's this large-scale, the neighborhood becomes tediously uniform.

Posted by: anonymous at June 14, 2006 3:55 AM

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June 13, 2006

Walentas: Duke of Dumbo

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