Extell Taps Andrew Chung as Co-CEO in Major Strategic Move

NEW YORK, NY – March 31, 2026 – Extell Development Company, the prolific builder behind some of New York City’s most recognizable supertalls, today announced a significant leadership evolution, appointing Andrew Chung as President and Co-Chief Executive Officer. Chung, the founder of Innovo Property Group and a former partner at The Carlyle Group, will partner with Extell’s visionary Founder, Chairman, and CEO, Gary Barnett, to steer the firm into its next chapter.

The appointment marks a pivotal moment for Extell, pairing Barnett’s renowned prowess in high-stakes luxury development with Chung’s deep expertise in institutional investment and large-scale, diversified real estate ventures. The move is widely interpreted as a strategic maneuver to fortify the company’s capital structure, accelerate its ambitious project pipeline, and execute a nascent strategy to diversify beyond the ultra-luxury condominium market that has long been its hallmark.

A New Era of Leadership and Strategy

The creation of a Co-CEO role signals more than just a new executive hire; it suggests a fundamental recalibration of Extell’s leadership structure for future growth. In this new partnership, Barnett is expected to continue driving the visionary aspects of development that have defined the company, while Chung will focus on strategic direction, capital relationships, and long-term growth initiatives across Extell’s vast residential, commercial, and mixed-use portfolios.

"Andrew is a highly respected leader with a rare combination of development expertise and institutional investment experience," said Gary Barnett in the official announcement. "I've 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. I'm confident his strategic perspective will be invaluable as we continue to grow and enter Extell's next chapter."

This co-leadership model is seen by industry analysts as a powerful tool for managing the immense complexity of a development pipeline as large as Extell's. It also provides a potential framework for long-term succession, ensuring stability and continuity for a firm so closely identified with its founder. The partnership leverages complementary strengths, creating a leadership dyad capable of navigating both the intricate details of project financing and the bold vision required to reshape city skylines.

The Institutional Capital Play

Andrew Chung’s arrival is a clear signal of Extell’s intent to bolster and diversify its financing strategies. His resume is a testament to his deep connections and acumen within the world of institutional capital. During his decade as a Partner at The Carlyle Group, where he headed the New York office for its U.S. Real Estate Fund, Chung was involved in the acquisition and management of over $8 billion in real estate. His work there included the landmark $1.3 billion sale of 650 Madison Avenue and, notably, the financing of Extell’s own 60-story residential tower, The Orion, establishing a history of successful collaboration between the two leaders.

After Carlyle, Chung founded Innovo Property Group in 2015, where he continued to demonstrate a mastery of complex capital structures. Innovo successfully secured hundreds of millions in financing for its projects, including a $435 million loan in 2022 for its massive last-mile distribution facility at 23-30 Borden Avenue in Long Island City.

This experience is critically relevant for Extell. The developer, which recently secured a $1.2 billion preferred equity infusion to advance nine major projects, operates in a capital-intensive environment. While historically adept at tapping sources like the Israeli bond market, Chung's institutional background is expected to open new, robust channels for funding its multi-billion-dollar ambitions, providing greater flexibility and strength as it undertakes some of its most complex projects to date.

Diversifying Beyond the Supertall

While Extell built its name with skyline-defining towers like Central Park Tower and One57, recent strategic shifts have indicated a deliberate pivot. Barnett has publicly spoken about moving towards "build-to-cash flow or buy-to-cash flow" assets, diversifying the company’s portfolio to include hotels, offices, and even healthcare facilities. This move is a pragmatic response to evolving market dynamics and aims to create more stable, long-term revenue streams.

Chung's track record at Innovo aligns perfectly with this new directive. At Innovo, he became a dominant force in New York's industrial real estate sector, particularly in the outer boroughs. He astutely anticipated the e-commerce boom and focused on developing state-of-the-art, multi-story urban logistics centers, such as the planned facility at 2505 Bruckner in the Bronx. This focus on income-generating industrial and commercial assets, guided by a data-driven investment philosophy, provides a proven model for the very diversification Extell now seeks. His expertise will be instrumental in identifying and executing value-add projects beyond the for-sale residential space.

Shaping Skylines from Manhattan to the Mountains

With Chung joining the leadership team, Extell is poised to accelerate its formidable development pipeline. The company is currently advancing a slate of transformative projects that will reshape key areas of New York City and luxury resort markets. These include the 1.8 million-square-foot mixed-use redevelopment of the former Disney campus on the Upper West Side, the ambitious 875,000-square-foot "Torch" hotel and entertainment supertall in the Theater District, and a 1.1 million-square-foot commercial tower at 576 Fifth Avenue that will house Manhattan’s first Ikea.

Beyond New York, Extell is making major moves in Utah with the expansion of the Deer Valley resort, which includes a new Four Seasons Resort and Residences and a Grand Hyatt. Managing this geographically and typologically diverse portfolio requires immense operational and financial sophistication.

The partnership between Barnett's bold development vision and Chung's disciplined, institutional approach to investment and execution creates a powerful synergy. This new leadership structure positions Extell not only to complete its current slate of mega-projects but also to aggressively pursue new opportunities, further cementing its status as one of the nation's most influential real estate development firms. The combination of these two industry titans suggests that Extell's impact on luxury and commercial real estate is set for a new and dynamic phase of expansion.