Sush Torgalkar has departed as CEO of Gary Barnett’s Extell Development, according to The Real Deal. In an August 31 email, Torgalkar said he plans to launch his own real estate company, Sage Hall Partners. Extell faces headwinds as the luxury condo market suffers from excess supply, and contends with a decrease in demand.
- Partnership that wasn’t meant to be: Torgalkar left Westbrook Partners to join the development firm in January 2019, and Barnett simultaneously officially assumed the role of Chairman. It’s unclear whether Extell is searching for a new CEO. Torgalkar will remain a senior advisor at the firm.
- Worth Noting: Gary Barnett is only 64, and specifically noted at the time of the hiring that he didn’t intend to slow down. Don’t expect this news to cause any negative movement in Extell’s bonds traded on the Tel Aviv Stock Exchange. We expect Barnett to continue running the show – like he always has! [TRD]