{"id":1004793856,"date":"2026-04-01T04:14:46","date_gmt":"2026-04-01T12:14:46","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004793856"},"modified":"2026-04-01T04:37:11","modified_gmt":"2026-04-01T12:37:11","slug":"extell-development-appoints-president-co-ceo","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/extell-development-appoints-president-co-ceo\/","title":{"rendered":"Extell Development Appoints President, Co-CEO"},"content":{"rendered":"
\n
\"Headshot<\/a>
Andrew Chung established Innovo Property Group in 2015. Image courtesy of Extell Development Co.<\/em><\/figcaption><\/figure><\/div>\n\n\n

Extell Development Co. has named Andrew Chung\u00a0as its president & co-CEO.<\/p>\n\n\n\n

In his new role, he will serve alongside Gary Barnett, founder, chairman & CEO of Extell Development Co.<\/p>\n\n\n\n

Chung\u00a0is the founder of Innovo Property Group, established in 2015. Prior to Innovo\u2019s founding, Chung served as partner for The Carlyle Group, where he served as the U.S. Real Estate Fund\u2019s senior member and as head of the New York City office for a decade.<\/p>\n\n\n\n

Chung currently serves on the advisory board for NYU Schack Institute of Real Estate.\u00a0He is also recognized by The New York Observer’s<\/em>\u00a0“Power 100: The Most Powerful People in New York Real Estate” for six consecutive years, between 2009 and 2014.<\/p>\n\n\n\n

Chung holds a Bachelor of Science in Economics from University of Pennsylvania\u2019s Wharton School. <\/p>\n\n\n

\n
\"Headshot<\/a>
Gary Barnett founded Extell Development Co. in 1989 and is recognized for leading the development of supertall towers along Billionaires’ Row. Image courtesy of Extell Development Co.<\/em><\/figcaption><\/figure><\/div>\n\n\n

Chung will work closely with Barnett in his new role at Extell, where he will oversee the company\u2019s capital relationships, development pipeline and growth initiatives across its residential, mixed-use and commercial portfolios.<\/p>\n\n\n\n

Extell Development Co. is a full-service real estate developer recognized for redefining New York City\u2019s skyline with high-end properties, focusing on ultra-luxury residential projects.<\/p>\n\n\n\n

Founded in 1989, the company\u2019s 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.<\/p>\n\n\n\n

Recent moves by Extell<\/h2>\n\n\n\n

Recent projects in Extell\u2019s pipeline include 570 Fifth Ave., a 1.1 million-square-foot mixed-use tower anchored by Ikea<\/a>, which will fully occupy and own 80,000 square feet of retail space. The entire block\u2019s assemblage took Extell over a decade to piece together. Law firm Simpson Thacher & Bartlett signed a leasing agreement<\/a> for 700,000 square feet at the project in September 2025.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

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<\/a> of the property\u2019s mezzanine debt to take over the distressed property. The foreclosure is temporarily paused.<\/p>\n\n\n\n

<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

In his new role, the executive will oversee the company\u2019s capital relationships, development pipeline and growth initiatives.<\/p>\n","protected":false},"author":2991,"featured_media":1004793859,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21752,23891,21742,21747,21744],"tags":[35821,51052],"class_list":["post-1004793856","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mixed-use","category-national","category-latest","category-office","category-people","tag-extell-development-company","tag-innovo-property-group"],"acf":[],"yoast_head":"\nExtell Development Appoints President, Co-CEO - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Extell Development Co. has named Andrew Chung\u00a0as its president & co-CEO. 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