Bubble Wrap

Developers press on with big plans

While other developers may be scrapping their projects, Crains reports on Two Trees Management and their ambitious plans in Hell’s Kitchen and DUMBO. With plenty of cash, and expectations to push through zoning changes, David and Jed Walentas could continue their run of successful developments.

It’s also not the first time the Walentases defied common wisdom. To date, they have sunk more than $100 million into the Clinton Park project, which they predict will be a cash cow for them for years to come. In fact, they are off to a surprisingly good start. Last year, Mercedes-Benz agreed to take 330,000 square feet of space in the roughly 1.2 million-square-foot building. Lining up the loans to construct the building may be harder, though.