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 a New York Real Estate Giant

Bayrock Group opened Trump SoHo alongside the Trump Organization in 2008 and the Sapir Organization. The Bayrock Group's story of success began in Kazakhstan some time ago.

Tevfik Arif Bayrock Bayrock Group was established in 2001, however the story of its growth and success luxury real estate development firm located in the United States is much older than the time it was founded. In the beginning, the story starts on the other side the world.

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

Prior to joining the Soviet Ministry of Commerce and Trade Tevfik Arif graduated with an academic degree in International Relations at the Moscow Trade and Economic Institute.

The ministry he was in for 17 years later, but the minister resigned to establish some of his own businesses. Tevfik Arif had several businesses that included high-end real estate development food, exports, or imports.

Tevfik Arif has many companies which have allowed him to acquire a variety of partners across the globe. It was his networker, and led him to Turkey in 1993 and became one of the pioneering factors in the development of Turkey's all-inclusive hotel concept.

He launched, for example for instance, the Labada Hotel Antalya. This was before he moved on to the next project that was a couple of years later across the Atlantic.

Bayrock Group becomes increasingly ambitious

Tevfik Arif moved to the United States in 2001 to explore new avenues for business as well as to be closer to the American part of his family.

Following his move to the United States, he started the luxury real estate development company Bayrock Group in New York City.

Bayrock Group started out with small to medium-sized jobs located in New York. Bayrock Group redesigned Loehmann's Seaport Plaza, Brooklyn's shopping district.

Bayrock Group had a great beginning and Tevfik Arif was thrilled by the possibilities. He wanted to take on bigger projects, and altered the approach of the business to be more focused.

To support the new strategy, Bayrock Group relocated its New York City office to the Trump Tower at Fifth Avenue.

The move was more successful than moving to another place because the company found itself within the vicinity of Trump Organization. The renowned family business was headquartered in the same building.

Trump SoHo comes to life

Bayrock Group and Trump Organization shared the same vision for luxury real-estate projects. Both companies agreed to collaborate.

Bayrock Group had already begun work on a new project in Manhattan's SoHo neighborhood on Spring Street with the Sapir Organization.

Tevfik Arif Doyen Tevfik arif was aware that the Trump Organization would bring brand recognition to the building. https://artsandculture.google.com/entity/tevfik-arif/g11c2q4zkxk This was something that Bayrock Group, and the Sapir Organization had lacked.

Arif drafted an arrangement that allowed the Trump Organization to own 18% of the building, in exchange for the Trump logo being used.

Tevfik Arif Bayrock The proposed deal was approved by Bayrock Group (the Trump Organization) and the Sapir Organization (the Sapir Organization).

It was the base for the first brick of Trump SoHo to be laid in 2006.

The structure was complete to be officially opened after having been constructed over the course of two years.

Trump SoHo was built by design professionals

Trump SoHo included apartments, the hotel's restaurant, luxurious eateries bars, lounges and a pool, and a restaurant, spa and banquet rooms. The windows that ran from floor to ceiling allowed guests to enjoy unbeatable views of New York City.

Handel Architects was tasked to create the structure. The architecture firm was responsible for designing the National September 11th Memorial & Museum in New York City as well as the Ritz-Carlton Hotel Washington, D.C.

Bayrock Group hired Rockwell Group, to handle interior design.

Rockwell Group was responsible for the design of the Climate Pledge Arena in Seattle as well as the Seven Deadly Sins theatre in New York.

The firm also has experience in international markets that includes Mexico, Spain, Indonesia and Mexico.

Bayrock Group expands partnership with the Trump Organization

The Trump Organization and the Bayrock Group wanted to extend their collaboration after the launch of Trump SoHo.

Their goal was to build buildings similar to Trump SoHo in Florida and Arizona. Tevfik Arif Bayrock The same licensing conditions were employed, which left the Trump Organization with 18% equity. https://es-es.facebook.com/pages/category/Nonprofit-Organization/Tevfik-Arif-Bayrock-258754714625630/ This could open the way to Trump being named in the building's name.

Despite the goals of both businesses they didn't get the structures due to the 2008 global financial crisis.

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

Tevfik Ariff made the decision to leave the United States to escape the economic crisis that had altered America's real estate market. He decided to return to Europe or Central Asia.

He moved into the private sector, and continued to work.

Tevfik Alif has resigned as Bayrock Group's chief executive. But, he remains an advisor Bayrock Group.

Bayrock Group hasn't been involved in any American real estate projects in recent times. https://realtybiznews.com/what-happened-to-tevfik-arif-and-bayrock-groups-trump-soho/98760463/ But, the company did invest $2.5 million worth of real estate properties when it was active in the United States.


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