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<\/p>\nGary Barnett, one of New York’s most prolific skyscraper builders, has a new right-hand man.<\/p>\n
<\/p>\n
\n Courtesy of Extell Development\n <\/p>\n
\n Andrew Chung joined Extell Development as president and co-CEO on Tuesday.\n <\/p>\n
Innovo Property Group<\/a> founder\u00a0Andrew Chung<\/a>\u00a0is joining Extell Development<\/a> as president and co-CEO, Barnett’s development firm announced Tuesday. Chung starts immediately.\u00a0<\/p>\n Chung will lead the company alongside Barnett<\/a>, who\u00a0remains chairman and CEO. Chung will oversee the company\u2019s strategic direction, development pipeline, capital relationships and long-term growth initiatives, according to\u00a0a press release.<\/p>\n \u201cAndrew is a highly respected leader with a rare combination of development expertise and institutional investment experience,\u201d Barnett said in a statement.\u00a0<\/p>\n Prior to founding Innovo in 2015, Chung spent more than a decade at the Carlyle Group<\/a>, where he was a partner and senior member of the private equity firm’s U.S. real estate fund. He also served as the head of the firm\u2019s New York office.<\/p>\n \u201cI\u2019ve had the opportunity to work with Andrew over the years and have long admired what he built at Innovo, as well as his track record at Carlyle,\u201d Barnett said. \u201cI\u2019m confident his strategic perspective will be invaluable as we continue to grow and enter Extell\u2019s next chapter.\u201d<\/p>\n Extell is most known for its Billionaires\u2019 Row supertalls, including Central Park Tower<\/a> and One57<\/a>, but it has been extraordinarily active over the past year. Last year, the firm lined up $1.2B of preferred equity<\/a> to fund nine separate projects, Bisnow first reported.\u00a0<\/p>\n With his recent project, Barnett has moved away from luxury condo development to focus on cash-flowing assets<\/a>.<\/p>\n That includes The Torch<\/a>\u00a0hotel at 740 Eighth Ave., a supertall with a planned drop-style ride about 1,000 feet above Times Square, for which Extell has\u00a0teed up $1.3B<\/a> in financing. Extell also just put the finishing touches on\u00a0the first ground-up medical office tower<\/a> in Manhattan in decades and is moving forward with a mixed-use project for the former Walt Disney Co. campus and an office tower at 570 Fifth Ave<\/a>. with an Ikea flagship at its base.<\/p>\n","protected":false},"excerpt":{"rendered":"Gary Barnett, one of New York’s most prolific skyscraper builders, has a new right-hand man. Courtesy of Extell…\n","protected":false},"author":2,"featured_media":181607,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[73254,9840,36686,1512,73255,75,84,83,9,24,63],"class_list":{"0":"post-181606","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-manhattan","8":"tag-andrew-chung","9":"tag-extell","10":"tag-extell-development","11":"tag-gary-barnett","12":"tag-innovo-property-group","13":"tag-manhattan","14":"tag-manhattan-headlines","15":"tag-manhattan-news","16":"tag-new-york","17":"tag-new-york-city","18":"tag-nyc"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/181606","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=181606"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/181606\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/181607"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=181606"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=181606"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=181606"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}