Apr 9, 2026
While he may be most associated with the Brooklyn neighborhood dubbed “DUMBO” (“Down Under the Manhattan Bridge Overpass”), David Walentas remains one of the most shrewd real estate developers in New York.
As co-founder of the Two Trees Management firm, Walentas — who boasts an estimated net worth of about $2 billion (1) — is the visionary who, in the 1970s, began buying up old rundown factories in the area along the East River, which New York Magazine (2) once called "a favored dumping ground for mob hit men."
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Over the course of the next two decades, he overcame naysayers and reams of red tape at City Hall to transform the neighborhood into a hub of artists, cafes, tech firms and luxury condos (3) — where tourists routinely gather on one of its cobblestone streets to snap the iconic shot of the Manhattan Bridge and the Empire State Building framed between two of the factory buildings Walentas helped revitalize.
The feat is even more incredible considering Walentas grew up not with a silver spoon in his mouth, but a shovel in animal manure. As a child, after his father suffered a stroke, Walentas and his brother were tasked with earning money to support their family by "milking cows and shoveling s--t" on local farms (4).
Though he eventually earned a scholarship to the University of Virginia, making money the hard way became a theme in his life. That includes scrubbing military septic tanks in Greenland for "10 hours a day, seven days a week," and selling his blood to pay for gas and a meal (1).
Walentas went on to earn his M.B.A. and find his way into real estate, where he earned his fortune from the ground up — employing key strategies that anyone looking to build wealth needs to know.
Walentas' wealth-building tips
Walentas has spoken about his wealth-building strategies over the years, with his advice centering on some specific ideas.
Learn from adversity, and those around you: As Walentas shared with the Democrat & Chronicle in 2014, the adversity he experienced in his youth played a big role in creating the billionaire he is today, as it taught him the self-reliance and determination that helped secure him success in New York real estate (4).
He also believes in the value of an education (5) — which he once called "the great equalizer" while adding that, "Most people don't really care where you come from … It's, 'What do you know?' and 'What can we do together?'" In fact, Walentas credits many peers he met through school as being among those who "changed my whole perspective of life" — including Jeff Byers, with whom he co-founded Two Trees Management (1).
Be willing to fight for your goals: In 2010, the New York Times asked Walentas why he had the phrase "No guts no glory" embroidered on the cuffs of his dress shirts (6). Walentas replied, "To succeed in life you have to take chances — no risk, no gain."
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His lofty vision for the DUMBO neighborhood was a risk — one he spent decades fighting for, from investment dollars to rezoning laws. That tenacity and belief in his own vision eventually paid off, literally, and he advised Forbes that (1), "You have to keep reminding yourself, when it gets tough out there, not to quit."
Be patient: As Walentas shared with Democrat & Chronicle (4), "Success in life in anything is time and effort and staying with it." Patience, staying the course and waiting out financial storms is, indeed, a key component of wealth building. And, as California's Department of Financial Protection and Innovation (DFPI) noted (7), "long-term investing also has reduced risk as short-term investing is more susceptible to market volatility and trendy, high-risk options."
Always maintain control: Walentas says he learned another important lesson from a property he bought that was subsequently mismanaged by a broker (1): "The lesson was, if I couldn't manage it, I shouldn't own it." It's a key tenet of his real estate success and a good reminder for anyone trying to build their own wealth: always maintain control. Don't leave the fate of your fortune in someone else's hands.
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Further strategies for accumulating wealth
In addition to the advice Walentas offered, there are a few other tips that can help you with building wealth faster.
Many experts recommend getting started by eliminating as much outstanding debt as possible. After all, the more interest that credit card and other debts accumulate, the less money that goes toward your ultimate financial goals.
As well, regular savings and investing practices — including using automated withdrawals to ensure that you never miss a contribution to your investments — will benefit from compound interest over the course of years and even decades. Contributing to a retirement account or an employer-matched 401(k) is part of that strategy, as is establishing an emergency fund so you don't have to dip into your savings in the event of an unexpected expense or job loss.
And another recurring piece of advice, for those who are able to do it, is to purchase a home (7). The DFPI noted that most homes increase in value over time and add to the owner's wealth portfolio, and that even a starter home "will help you build equity for an upgrade in the future."
Article Sources
We rely only on vetted sources and credible third-party reporting. For details, see our ethics and guidelines.
Forbes (1, 3, 5); New York Magazine (2); Democrat & Chronicle (4); The New York Times (6); California Department of Financial Protection and Innovation (7).
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Mike Crisolago is a Staff Reporter at Moneywise with more than 15 years of experience in the journalism industry as a writer, editor, content strategist and podcast host. His work has appeared in various Canadian print and digital publications including Zoomer magazine, Quill & Quire and Canadian Family, among others. He’s also served as a mentor to students in Centennial College’s journalism program.
