{"id":183175,"date":"2026-04-02T05:17:02","date_gmt":"2026-04-02T05:17:02","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/183175\/"},"modified":"2026-04-02T05:17:02","modified_gmt":"2026-04-02T05:17:02","slug":"innovo-founder-andrew-chung-takes-role-as-co-ceo-at-extell-commercial-observer","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/183175\/","title":{"rendered":"Innovo Founder Andrew Chung Takes Role as Co-CEO at Extell \u2013 Commercial Observer"},"content":{"rendered":"

Innovo Property Group<\/a> founder Andrew Chung is leaving his real estate investment firm to partner with Gary Barnett, a developer certainly very busy in Manhattan.<\/p>\n

Chung will serve as president and co-CEO of Extell Development<\/a>\u00a0alongside Barnett \u2014 who serves as chairman and CEO of the development company \u2014 and lead its development pipeline strategy, the firm announced Tuesday.<\/p>\n

SEE ALSO: Manhattan Office Leasing Starts 2026 Strongly Amid Shrinking Class A Inventory<\/a><\/p>\n

Before founding Innovo in 2015, Chung spent over 14 years as head of the New York office for the Carlyle Group<\/a>\u2019s U.S. real estate fund, after graduating from the Wharton School of the University of Pennsylvania.<\/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. \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<\/p>\n

Tuesday was Chung\u2019s first day at Extell.<\/p>\n

Chung specializes in large-scale development, institutional investment and complex capital structures. In his new co-CEO role, he will likely work directly on major projects in Extell\u2019s pipeline, such as 655 Madison Avenue, which recently got a $1.13 billion construction loan<\/a> from Tyko Capital.<\/p>\n

That building will span 72 stories, offering condo units on the upper floors and a retail component at its base, as well as office space somewhere in the middle.<\/p>\n

Extell seems to be going supertall or going home recently, having filed plans in October 2025<\/a> for a 71-story mixed-use tower at 871 Seventh Avenue, which is pending approval from the city<\/a>.<\/p>\n

But it doesn\u2019t stop there. Barnett acquired 123,000 square feet of air rights over Saint Thomas Church at 678 Fifth Avenue for $36 million in November, as Commercial Observer previously reported<\/a>.<\/p>\n

And as of February, Barnett was in contract to acquire 405-415 Park Avenue, as well as the air rights from Central Synagogue at 652 Lexington Avenue and the adjacent 110 East 55th Street.<\/p>\n

Mark Hallum can be reached at mhallum@commercialobserver.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"Innovo Property Group founder Andrew Chung is leaving his real estate investment firm to partner with Gary Barnett,…\n","protected":false},"author":2,"featured_media":183176,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[73254,1512,75,84,83,1286,9,24,63,33819,41035],"class_list":{"0":"post-183175","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-manhattan","8":"tag-andrew-chung","9":"tag-gary-barnett","10":"tag-manhattan","11":"tag-manhattan-headlines","12":"tag-manhattan-news","13":"tag-more","14":"tag-new-york","15":"tag-new-york-city","16":"tag-nyc","17":"tag-people-moves-channel","18":"tag-players"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/183175","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=183175"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/183175\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/183176"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=183175"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=183175"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=183175"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}