Extell Development Appoints President, Co-CEO
In his new role, the executive will oversee the company’s capital relationships, development pipeline and growth initiatives.
Extell Development Co. has named Andrew Chung as its president & co-CEO.
In his new role, he will serve alongside Gary Barnett, founder, chairman & CEO of Extell Development Co.
Chung is the founder of Innovo Property Group, established in 2015. Prior to Innovo’s founding, Chung served as partner for The Carlyle Group, where he served as the U.S. Real Estate Fund’s senior member and as head of the New York City office for a decade.
Chung currently serves on the advisory board for NYU Schack Institute of Real Estate. He is also recognized by The New York Observer’s “Power 100: The Most Powerful People in New York Real Estate” for six consecutive years, between 2009 and 2014.
Chung holds a Bachelor of Science in Economics from University of Pennsylvania’s Wharton School.
Chung will work closely with Barnett in his new role at Extell, where he will oversee the company’s capital relationships, development pipeline and growth initiatives across its residential, mixed-use and commercial portfolios.
Extell Development Co. is a full-service real estate developer recognized for redefining New York City’s skyline with high-end properties, focusing on ultra-luxury residential projects.
Founded in 1989, the company’s portfolio exceeds 25 million square feet. Some of its prominent skyscrapers include One57, completed in 2015 as the tallest residential building in the city, and the first supertall tower to pioneer what is now known as Billionaires’ Row.
Recent moves by Extell
Recent projects in Extell’s pipeline include 570 Fifth Ave., a 1.1 million-square-foot mixed-use tower anchored by Ikea, which will fully occupy and own 80,000 square feet of retail space. The entire block’s assemblage took Extell over a decade to piece together. Law firm Simpson Thacher & Bartlett signed a leasing agreement for 700,000 square feet at the project in September 2025.
The 29-story project currently underway is expected to reach completion by 2028 and represents the largest development on Fifth Avenue in more than 60 years. Extell recently secured a $417 million refinancing for the project, Yardi Matrix data shows. JPMorgan Chase originated the loan that replaces an initial $340 million construction note issued by IGIS Asset Management in 2024.
Earlier this year, Extell made a move during the ongoing ownership disputes over Worldwide Plaza, one of New York City’s iconic office towers. Lenders Goldman Sachs and Deutsche Bank filed two lawsuits against RXR and SL Green Realty, the majority owners of the property. Extell purchased about $190 million of the property’s mezzanine debt to take over the distressed property. The foreclosure is temporarily paused.
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