사진 확대
One Vanderbilt, Central Park Tower, JPMorgan New HQ. Another record will be engraved on Manhattan’s skyscraper and ultra-high landmark building, also known as the Trophy Building. The 570 building, which will be built on Avenue 5, is currently under construction on the site, and the project cost alone is worth a whopping $4 billion (about 6 trillion won). It is a project to develop an entire block of 46th to 47th streets in Manhattan into an office and retail building with more than 90 floors. It is a masterpiece that large U.S. developer EXTELL has worked hard to buy adjacent land little by little for 18 years.
In particular, Korean-American co-CEO Andrew Chung of Extel is leading the bid to attract additional investment and complete it in 2030. In a recent Mail Business interview, CEO Chung said, “We will establish ourselves as a top-notch commercial building representing Manhattan.”
More than half of the 90-story building’s office space has already been pre-sold by Simpson Thatcher and Bartlett, a large global law firm. CEO Chung said, “Simpson Thatcher leased 60% of the total office for 27 years,” adding, “The rent alone amounts to $180 million, and he recognized the value of the building.” The lower retail space was swept by IKEA, a world-class furniture store. In New York, IKEA, which currently only operates Brooklyn stores, “steamed” the 570 building as a bridgehead for re-entering Manhattan for the first time in four years.
CEO Chung was scouted by Extel in April after running a developer after overseeing real estate development at Carlisle. Extel is currently raising the remaining $600 million of its $4 billion business expenses. CEO Chung said, “We want to lead cooperation between the development capabilities of Extel and Asian capital.” In addition to CEO Jeong, Extel recruited Kevin Kim, who served as the director of New York City’s Small and Medium Business Bureau, to form an Asian team. CEO Chung said, “We are currently in discussions with the National Pension Service, the Teachers’ Credit Union, and the Korea Investment Corporation to attract investment.”
사진 확대 A bird’s-eye view of the 570 Fifth Avenue complex, which Extel is building in midtown Manhattan, New York, with a total project cost of about 6 trillion won. KPF
Chung is a second-generation immigrant who came to the U.S. at the age of two. My father came to the U.S. with only $100, and like a bottom immigrant, he took a taxi behind him. I ran a general store, but I closed the store in a barrel where I was robbed. I moved from Brooklyn to Queens as my taxes were trending. CEO Chung said, “I was kicked out because the rent rose too high,” adding, “At that time, I decided to be a building owner, not a tenant.” Afterwards, CEO Chung also joined Carlyle, a “Wannabe” office worker on Wall Street, after going through Bronx Science High School and Wharton School.
CEO Chung’s next project, which has grown into one of the leading figures in the U.S. real estate development industry, is the New Deer Valley development project, an ultra-large premium ski resort in Utah. CEO Chung explained, “We are discussing ways to combine the New Dear Valley Food and Beverage (F&B) business with K-food.” They sell ‘flower chicken’ of ‘COTE’, a Korean Michelin restaurant, at the ski resort and ‘ski resort kimbap’ at the slope stand. “We want to organically integrate Korean capital and K Culture’s influence in future projects,” CEO Chung said.
In particular, in the bid to attract Korean capital, the Korean network joined hands with Park Hwa-young, chairman of Incoco Group, a first-generation Korean businessman in the United States. Park, a former vocalist, entered the beauty business and expanded his business into machinery, chemicals, and information technology (IT) to develop leading companies. Chairman Park said, “The Korean community in the United States needs to be united with capital and networks like Jews,” adding, “Unlike Jews, the Korean community has more potential because it is supported by the support of its motherland, an economic powerhouse.”
[New York correspondent Lim Sung Hyun]