Andrew Chung

The pandemic minted Andrew Chung as the face of an asset class.

A rise in e-commerce transactions made many rethink the importance of logistics-based real estate, especially last-mile distribution centers that drive same-day delivery. Innovo Property Group moved quickly, validating Chung’s decision to leave the Carlyle Group in 2015, eight days after being named partner.

Between 2016 and 2021, Chung bought seven properties in Queens and the Bronx for more than $800 million.

His pandemic-aided rise came with a misstep, though. In late 2021, Chung agreed to buy the HSBC tower in Midtown Manhattan at 452 Fifth Avenue for $855 million. But he lacked the equity to close the deal and couldn’t raise the necessary cash in time, losing a $30 million deposit and taking a reputational hit.

Things have been quieter since then; Innovo’s website hasn’t published any news releases since the beginning of 2024.

There’s still plenty of time for Chung’s industrial bets to pay off, though. Innovo has more than $3 billion in assets under management, according to its website, and 6 million square feet in its portfolio.