Overview
- Andrew Chung, who joined Extell on Tuesday as president and co-CEO, will partner with founder Gary Barnett to lead the firm.
- His remit covers strategy, the development pipeline, relationships with lenders and investors, and long-term growth across housing, offices, hotels, retail, and mixed-use projects.
- Chung founded Innovo Property Group in 2015 after serving as a partner at The Carlyle Group and leading its New York real estate office for a decade, and he holds a Wharton economics degree.
- Reports indicate he will likely work on marquee efforts such as 655 Madison Avenue, which recently secured a $1.13 billion construction loan from Tyko Capital for a 72-story mixed-use tower.
- Extell has been active lining up large financings, including about $1.2 billion in preferred equity for nine projects and roughly $1.3 billion for The Torch hotel planned near Times Square, and it is best known for supertall towers like Central Park Tower and One57.