Notes

Bayrock Group - The Rise of a New York Real Estate Giant (Tevfik Arif)

Trump SoHo was created by Bayrock Group, Trump Organization, and the Sapir Organization.

Bayrock Group, The Rise of New York Real Estate Giant

Bayrock Group opened Trump SoHo alongside the Trump Organization in 2008 and the Sapir Organization. The Bayrock Group's success started in Kazakhstan several decades before.


Bayrock Group, a luxury real estate developer in the United States, has a long history that goes back to 2001 when the company was established. Initially, the story begins on the other side the world.

Tevfik Arif Doyen Tevfik Alif founded Bayrock Group. He was taken to the world from Soviet Kazakhstan to a Turkish-speaking family.

https://www.dnb.com/business-directory/company-profiles.bayrock-sapir_organization_llc.c5bbf69c42b8e5fb82584526d5d65157.html Before joining Soviet Ministry of Commerce and Trade Tevfik Arif graduated with an academic degree in International Relations at the Moscow Trade and Economic Institute.

After working as a minister for 17 years, he decided to leave and establish several companies. Tevfik Arif had several businesses, including ones in the development of luxury real estate food, exports, or imports.

Tevfik Arif's numerous businesses allowed him to find a wide variety of international partners. His network brought him to Turkey in 1993. He was one of the most prominent leaders behind Turkey's famous all-inclusive hotels.

In the past, for instance, he launched Antalya's Labada Hotel before embarking on his next venture in business over the Atlantic some years later.

Bayrock Group becomes increasingly ambitious

Tevfik Arif immigrated to the United States in 2001 to explore new opportunities in business and be close to his American family.

Bayrock Group was established in New York City shortly after the move of the founder.

Bayrock Group began with smallto medium-sized projects throughout New York. For example, the company revamped the Loehmann's Seaport Plaza shopping center in Brooklyn's Sheepshead.

Bayrock Group was off on an excellent beginning. Tevfik Arif This made Tevfik even more determined. He was eager for larger projects and decided to alter the strategy of the company to focus more on those.

Bayrock Group moved its New York City offices to the Trump Tower on Fifth Avenue to accommodate the new strategy.

The move led to many more things than an additional place. It also put the company within close proximity to the Trump Organization. The world-renowned family business was housed in the same structure.

Trump SoHo finally takes shape

Bayrock Group & Trump Organization shared a vision of high-end real estate developments. https://littlesis.org/org/49951-Bayrock_Group So, they came together to form a partnership.

Bayrock Group was already working on another undertaking on Spring Street in Manhattan's SoHo quarter in collaboration with the Sapir Organization.

Tevfik Alif knew that adding the Trump Organization to the project will bring brand recognition to the building, something that Bayrock Group lacked and that the Sapir Organization was lacking.

Arif drafted an arrangement that permitted the Trump Organization to own 18 percent of the building in exchange for the Trump logo being utilized.

The deal was endorsed by the Bayrock Group, Trump Organization and Sapir Organization.

This was the first phase of the Trump SoHo's construction in 2006.

The structure was complete for the official opening following being built over a period of two years.

Design experts are the architects behind Trump SoHo

Trump SoHo had apartments, hotels, luxurious restaurants/bars, a swimming pool and banquet halls when it first opened. Through the hotel's floor-to- ceiling windows, guests could take in breathtaking panoramas of New York City.

Tevfik Arif Bayrock Handel Architects was tasked by the design of the building. Tevfik Arif Doyen This architecture firm 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 employed Rockwell Group to handle the design and interior of the building.

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

In addition, the company has extensive international experience countries like Spain as well as Mexico.

Bayrock Group and the Trump Organization strengthen their the partnership

The Bayrock Group and Trump Organization were looking to expand their partnership following the opening of Trump SoHo's opening.

The dream of the founders was to construct buildings in Arizona or Florida like Trump SoHo. Tevfik Arif Bayrock Trump Organization would have 18% equity in the building, and would be licensed under the same conditions. This opens the door to Trump being included in the construction’s name.

Despite the companies' goals, the structures were never built because of the 2008 global financial crisis.

The American real estate markets were particularly hard hit by the financial crisis. Bayrock Group was forced to abandon its plans, and Trump Organization was forced to pull out of their plans.

The financial crisis ended up altering the American real property market to the extent that Tevfik Arif decided to quit his United States undertakings. He decided to return to Europe and Central Asia.

He was employed in the private sector during the time the time he was working.

Tevfik Arif has resigned from most of his day-to-day responsibilities for Bayrock Group today. But, he remains an advisor Bayrock Group.

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



Website: https://www.realestaterama.com/bayrock-group-journey-from-suburbs-to-manhattan-ID053684.html