Newly constructed building with modern mechanical, electrical, plumbing, and HVAC systems; Retail unit leased on a long-term 10-year lease with 3% annual rent escalations

Brooklyn’s renaissance didn’t happen by accident. A critical seed was planted by David Walentas when his firm, Two Trees, purchased a cluster of aging warehouses in DUMBO in the 1970s. After the area was rezoned, the firm successfully repurposed its portfolio into more than 3 million square feet of commercial and residential space across 12 buildings to create a thriving 24-7 community with access to an 85-acre riverfront park.

Shimon Shkury, President and Founder of Ariel Property Advisors, provides an in-depth overview of New York City’s office, development, and multifamily markets.