Skyscraper Titan Extell Development Appoints Andrew Chung as Co-CEO

Skyscraper titan Extell Development appoints Andrew Chung as Co-CEO and President to lead strategic growth and capital relationships alongside Gary Barnett.

By: AXL Media

Published: Apr 1, 2026, 7:51 AM EDT

Source: Bisnow

A Strategic Partnership for New York’s Skyline

The appointment of Andrew Chung marks a significant leadership evolution for Extell Development, a firm synonymous with reshaping the Manhattan skyline. Starting immediately, Chung will share the chief executive mantle with founder Gary Barnett. While Barnett remains the visionary Chairman, Chung is tasked with managing the day-to-day strategic direction, development pipeline, and the firm’s increasingly complex capital relationships.

Barnett cited Chung’s "rare combination of development expertise and institutional investment experience" as a primary driver for the hire. The two have a long-standing professional history, with Barnett noting his admiration for Chung’s track record at both Innovo and the Carlyle Group. This partnership is expected to strengthen Extell's ability to secure large-scale financing in an era of tightened credit and evolving market demands.

From Billionaires’ Row to Cash-Flowing Assets

Historically recognized for ultra-luxury residential towers like Central Park Tower and One57, Extell has recently pivoted its business model. Under Barnett’s guidance, the firm is moving toward assets that generate steady, long-term cash flow. This shift is evident in the firm’s latest endeavors, which include medical offices, hospitality, and mixed-use commercial projects rather than speculative luxury condominiums.

A cornerstone of this new strategy is The Torch, a supertall hotel project at 740 Eighth Avenue. The development features a record-breaking drop-style ride positioned 1,000 feet above Times Square, designed to capitalize on Manhattan's rebounding tourism sector. Extell has already teed up approximately $1.3 billion in financing for the project, reflecting a high level of institutional confidence in this diversified approach.