David Walentas Finds Buyers for Renovated Hamptons Home

David Walentas and 199 Coopers Neck Lane in Southampton (Getty Images, Corcoran/Tim Davis)

A pair of tech executives are finally cutting developer David Walentas some slack.

The Two Trees Development founder has sold his Southampton mansion at 199 Coopers Neck Lane for $32.2 million, the Wall Street Journal reported. The estate was first listed in April 2021 for $35 million before it was increased to $37 million in March.

Walentas, known for building up much of Brooklyn’s Dumbo neighborhood, told the Journal he intends to donate the proceeds from the sale to his alma mater, the University of Virginia, for which he previously pledged $100 million.

The buyers are Slack co-founder and CEO Stewart Butterfield and Away co-founder and CEO Jen Rubio. Bespoke Real Estate and Brown Harris Stevens’ Christopher Burnside marketed the property, and Sotheby’s International Realty’s Harald Grant represented the buyers.

Walentas purchased the century-old home with his late wife, Jane, in 2019 for $11.6 million. Walentas set about fixing up the property and selling it, dedicating extra time to the 17,000-square-foot project after handing day-to-day operations of the development firm to his son, Jed.

Jane died of lung cancer at the age of 76 in 2020.

Walentas’ renovation of the property created higher ceilings, larger windows and a four-car garage. A pool house, solarium and greenhouse were also added during the $10 million renovation.

The home includes 11 bedrooms, 12 bathrooms and two powder rooms. There are two gated driveways and an all-weather tennis court has reportedly been proposed for the property. The estate is close to Cooper’s Beach in Southampton.

Walentas’ firm scored a major win late last year when Two Trees struck a deal with Brooklyn City Council member Stephen Levin to ensure approval of River Ring, the company’s 1,050-unit development on the Williamsburg waterfront. The project was steered through the land use review process in an unheard of four months.

Butterfield and Rubio were engaged in May 2019 and had their first child together last year, according to Insider. The relationship became public in 2019 after Butterfield jokingly proposed to Rubio on Twitter.

The couple purchased a mansion in Aspen last year for $25 million.

[WSJ] — Holden Walter-Warner