Notes

Bayrock Group: New York's Real Estate Giant Is Rising (Tevfik Arif)

Trump SoHo was inaugurated by the Bayrock Group, Trump Organization and Sapir Organization in 2008.

Bayrock Group: New York's Real Estate Giant is Growing

Bayrock Group, along with the Trump Organization, opened Trump SoHo in 2008 with the Sapir Organization. However, the tale of Bayrock Group's success starts in Kazakhstan years before that.

The story about the luxury real estate development company Bayrock Group's growth in the United States begins long before the year 2001, when the company was founded. At first, the story starts in a different part of the world.

Tevfik Alif is the founder of Bayrock Group. He was taken to the world from Soviet Kazakhstan to a Turkish-speaking family.

Before becoming a member of the Soviet Ministry of Commerce and Trade in the Soviet Union, Tevfik earned a degree at the Moscow Trade and Economic Institute.

He worked in the ministry for 17 years before he went on to start his own company. https://assets.documentcloud.org/documents/3117892/Bayrock-Presentation.pdf Tevfik Arif had several businesses, including ones in luxury real-estate development, food, and exports or imports.

Tevfik Arif Bayrock Tevfik Arif's many businesses enabled him to attract a large variety of international partners. Tevfik Arif The network he built led him to relocate to Turkey in 1993, when he became one of the main players behind Turkey's famous all-inclusive hotel concept.


For instance, he started the Labada Hotel Antalya, before going on to his next venture across the Atlantic some time later.

Bayrock Group gets more ambitious

Tevfik Amir moved into America in 2001 to find new opportunities in business and be closer with his American family.

Following his move, he established the company for the development of luxury real estate called Bayrock Group in New York City.

Bayrock Group started with small-to medium-sized projects in New York. For example, the company remodeled Loehmann's Seaport Plaza shopping center in Brooklyn's Sheepshead.

Bayrock Group had a great start , and Tevfik was thrilled by the possibilities. He wanted to focus on larger projects, and so it was his decision to change the focus of the company on this.

Bayrock Group moved its New York City headquarters to Trump Tower Fifth Avenue in to support of the strategic shift.

https://www.bisnow.com/tags/bayrock-group The move was more successful than moving to a new place because the company found itself in the vicinity of Trump Organization. The well-known family business was located in the same location.

Trump SoHo takes shape

Bayrock Group was inspired by Trump's plan to develop luxurious real estate properties and they decided to work together.

Bayrock Group was already involved in another project at Spring Street in Manhattan's SoHo district along with the Sapir Organization.

Tevfik Alif knew that bringing the Trump Organization to the project could help to increase brand recognition for the building, something that Bayrock Group lacked and that the Sapir Organization was lacking.

Arif created an agreement giving the Trump Organization 18% equity in the building in exchange for the use of the Trump brand under its name.

Bayrock Group, the Trump Organization and the Sapir Organization all agreed to the proposed deal.

That was the foundation for the very first bricks of Trump SoHo to be laid in the year 2006.

The building was finally ready for the official opening following it was constructed over the course of two years.

Design experts lead the construction of SoHo Trump SoHo

Trump SoHo had apartments, hotels, luxurious restaurants/bars with a swimming pool, and banquet halls when it first opened. Through the hotel's floor to ceiling windows, guests were able to enjoy stunning panoramas of New York City.

Handel Architects were tasked with the design. The architect firm had previously designed the renowned National September 11th Memorial & Museum (New York City) as well as the Ritz Carlton Washington Hotel (D.C.).

Bayrock Group engaged Rockwell Group for interior design.

Rockwell Group was responsible for the design of the Climate Pledge Arena in Seattle and the Seven Deadly Sins theater in New York.

Tevfik Arif International experience is also accessible from countries like Spain, Mexico, and Indonesia.

Bayrock Group expands partnership with the Trump Organization

Following the launch of Trump SoHo, the Trump Organization and Bayrock Group wanted to increase their collaboration.

Their dream was building structures in Arizona or Florida like Trump SoHo. They also had the same licensing rules, leaving the Trump Organization with 18% equity in the building. This opens the door to Trump being included in the construction’s name.

Despite the goals of both companies they didn't get the structures because of the global financial crisis.

The American real estate market was particularly affected by the financial crisis, and Bayrock Group and Trump Organization had to cancel their plans.

Tevfik Alif, one of the Tevfik Arif employee in the United States, decided to leave his American ventures because of the impact of the economic crisis. He chose to return to Europe, Central Asia.

He continued to job in the private sector.

Tevfik Arif has quit most of his duties for Bayrock Group today. But, he remains a trusted advisor to Bayrock Group.

Bayrock Group is not currently involved in American real estate ventures. But, in the past during the time during the time when the company was operating it invested in real estate assets valued at $2.5 million in the United States.



Here's my website: https://www.homesgofast.com/international-real-estate/blog/donald-trump-and-bayrocks-tevfik-arif-invest-in-turkish-real-estate