Sources familiar with personnel changes at The Carlyle Group tell Bisnow that Andrew Chung, a NYC real estate heavyweight, will leave to pursue other professional interests.
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The move comes just eight days after the announcement of Andrew's promotion from managing director to partner. A source confirmed that Andrew's leaving to start his own firm, and said the move had been in the works well before the promotion and was unrelated to it. He joined the firm in 2000, rising to managing director in 2011. He’s been involved in the acquisition, financing, management and disposition of over $8B of real estate in the US while with The Carlyle Group. Andrew was instrumental in building The Carlyle Group into a major force in New York commercial real estate.
Big projects Andrew has worked on include the sale of 650 Madison Ave to Crown Acquisitions and Highgate for $1.3B in 2013, and the financing of Extell’s Orion, a 60-story residential tower at 350 West 42nd St. Mark Schoenfeld, a managing director and Jason Hart, a principal, will keep leading operations in the New York area for The Carlyle Group. Andrew wasn’t available to comment by press time.
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