Notes

Bayrock Group, The Rise of New York Real Estate Giants (Tevfik Arif)

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

Bayrock Group, The Rise of New York Real Estate Giant

Bayrock Group opened Trump SoHo with the Trump Organization and the Sapir Organization in the year 2008. Bayrock Group was founded in Kazakhstan in 1980.

Bayrock Group was established in 2001, but the story of its success as a luxury realty development firm in the United States is much older than the time it was founded. The story begins at the opposite end.

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

Before joining Soviet Ministry of Commerce and Trade Tevfik Arif earned an education in International Relations at the Moscow Trade and Economic Institute.

He was within the ministry for 17 years and after that he resigned to establish several of his own businesses. Tevfik Arif had several businesses which included ones that dealt with the development of luxury real estate, food, and exports or imports.

Tevfik Arif's numerous businesses allowed him to draw a huge variety of foreign partners. He was able to lead the famous all-inclusive hotel model through his network.


For instance, he inaugurated Antalya's Labada Hotel, before he set off on his next adventure across Atlantic after a few years.

Bayrock Group takes on more ambitious goals

Tevfik Alif moved to the United States to seek new opportunities in business, and also to be nearer to his American family in 2001.

Tevfik Arif Bayrock Group, a luxury development firm for real estate in New York City, was established by him shortly after the move.

Bayrock Group started with small-to medium-sized projects in New York. Bayrock Group, for example renovated Loehmann's Seaport Plaza in Brooklyn's Sheepshead.

Bayrock Group was a solid start. This made Tevfik even more driven. He wanted to work on bigger projects, therefore he made the decision to move the company's focus to that.

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

The move led to much more than another location. Bayrock It also placed the business within the vicinity of the Trump Organization. The building also served as home to the world-renowned family business.

Trump SoHo gets shape

Bayrock Group and the Trump Organization were both interested in creating luxury real estate projects So, the two companies came together to form a partnership.

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

Tevfik Ariff was aware that including the Trump Organization in the project could boost brand awareness for the building which Bayrock Group and Sapir Organization were not able to achieve.

https://www.pinterest.com/bayrockstone/ Arif made an agreement in which he granted the Trump Organization 18% equity in this building in return for the Trump brand being used in its name.

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

This opened the door for Trump SoHo's very first brick to be erected in the year 2006.

Tevfik Arif Doyen After two years of construction, the building was ready for its grand opening.

Trump SoHo was constructed by design professionals

Trump SoHo opened in Manhattan and offered the hotel rooms, apartments and upscale restaurants and bars. It also featured an outdoor pool, spa, and banquet halls. The building's floor-to ceiling windows allowed guests to enjoy unbeatable views of New York City.

Handel Architects was tasked by the design of the construction. The firm's architect was responsible for the design of the National September 11th Memorial & Museum in New York City as well as the Ritz-Carlton Hotel, Washington, D.C.

Bayrock Group commissioned Rockwell Group as the interior designer.

Bayrock Rockwell Group, for example, has designed for instance, the Climate Pledge Arena as well as the Seven Deadly Sins Theater in New York, and Virgin Hotel in Las Vegas.

International experience is also accessible from countries such as Spain, Mexico, and Indonesia.

Bayrock Group, Trump Organization expand their collaboration

The Bayrock Group and the Trump Organization sought to strengthen their collaboration following the opening Trump SoHo.

Their dream was building structures in Arizona or Florida similar to Trump SoHo. Also under the same licensing conditions, it would leave the Trump Organization with 18% equity in the building. This opens the door to Trump being part of the construction's name.

Despite the plans and ambitions of the firms however, the structures couldn't be built due the global economic crisis of 2008.

The American real estate market was the most affected by the financial crisis, which caused Bayrock Group to pull out and Trump Organization to rescind their plans.

Tevfik Alif, a Tevfik Arif employee in the United States, decided to end his American ventures due to the impact of the economic crisis. He decided to move back to Europe or Central Asia.

He continued to work in the private sector.

Tevfik has resigned today from all of his Bayrock Group daily responsibilities. However, he is an expert advisor to Bayrock Group.

Bayrock Group has not been involved in any American real estate ventures in recent times However, during the time it was in the market, the firm invested real estate assets valued at $2.5 million in the United States.

https://www.bbb.org/us/ma/boston/profile/real-estate-investing/bayrock-financial-and-development-corporation-0021-18236

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