Innovo Founder Andrew Chung Takes Role as Co-CEO at Extell
By Mark Hallum March 31, 2026 12:59 pm
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Innovo Property Group founder Andrew Chung is leaving his real estate investment firm to partner with Gary Barnett, a developer certainly very busy in Manhattan.
Chung will serve as president and co-CEO of Extell Development alongside Barnett — who serves as chairman and CEO of the development company — and lead its development pipeline strategy, the firm announced Tuesday.
Before founding Innovo in 2015, Chung spent over 14 years as head of the New York office for the Carlyle Group’s U.S. real estate fund, after graduating from the Wharton School of the University of Pennsylvania.
“Andrew is a highly respected leader with a rare combination of development expertise and institutional investment experience,” Barnett said in a statement. “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.”
Tuesday was Chung’s first day at Extell.
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’s pipeline, such as 655 Madison Avenue, which recently got a $1.13 billion construction loan from Tyko Capital.
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.
Extell seems to be going supertall or going home recently, having filed plans in October 2025 for a 71-story mixed-use tower at 871 Seventh Avenue, which is pending approval from the city.
But it doesn’t 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.
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.
Mark Hallum can be reached at mhallum@commercialobserver.com.
