Notes

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

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

Bayrock Group - The Rise of a New York Real Estate Giant

In 2008, Trump SoHo was opened by Bayrock Group with the Trump Organization (and the Sapir Organization). The Bayrock Group's story of success began in Kazakhstan several decades ago.

Bayrock Group's success as a prestigious real-estate development company in the United States began long before 2001. The story began from the other end.

Tevfik who was born in Soviet Kazakhstan to a Turkish family, established the Bayrock Group.

Tevfik Arif received an undergraduate degree in International Relations from the Moscow Trade and Economic Institute prior to becoming a member of the Soviet Ministry of Commerce and Trade.

He was a minister for 17 years, and later left to open his own businesses. Tevfik Arif’s businesses were in the luxury food, real estate, and exports/imports sectors, among others.

Tevfik's diverse businesses helped him to attract a large number of international partners. He was the leader in the famous all-inclusive hotel concept through his network.

For instance, he opened Antalya's Labada Hotel before embarking on his next venture in business over the Atlantic many years later.

Bayrock Group is becoming more ambitious

Tevfik Arif emigrated to the United States in 2001 to discover new avenues of business and also to be closer to his American part of his family.

Bayrock Group, a luxury development company for real estate located in New York City, was founded by him shortly after his move to New York.

In the beginning, Bayrock Group executed small to medium-sized construction projects in and around New York. For instance, the company renovated the shopping mall of Loehmann's Seaport Plaza in the Sheepshead region of Brooklyn.

Bayrock Group was an excellent beginning. It gave Tevfik arif more motivation. He was looking for bigger projects, so he changed the company's strategy to focus on them.

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


This move produced more profit than any other place. The company was located within close proximity to the Trump Organization. The building also served as home to the world-renowned family company.

Trump SoHo gets shape

Bayrock Group & Trump Organization came up with a concept of luxurious real estate projects. Bayrock So, they came together to form a partnership.

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

Tevfik Arif knew that the incorporation of the Trump Organization to that project would add an image to the building, something that Bayrock Group and the Sapir Organization were lacking.

Arif created an agreement giving the Trump Organization 18% equity and the right to utilize the Trump name in exchange.

The agreement was negotiated by the Bayrock Group as well as the Trump Organization (and the Sapir Organization).

This opened the way to Trump SoHo, which would be the first brick laid in the year 2006.

After two years of construction the building was finally ready for its grand opening.

Trump SoHo construction led by design experts

Trump SoHo had apartments, hotel accommodations, luxury eateries/bars, a swimming pool and banquet halls when it first opened. Through the hotel's floor to ceiling windows, guests were able to enjoy breathtaking views of New York City.

Handel Architects was tasked with designing the building. The famed architecture firm also designed the National September 11th Memorial & Museum, New York City and the Ritz Carlton Hotel in Washington D.C.

Bayrock Group employed Rockwell Group to manage the interior design 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.

The company also has international experience which includes Mexico, Spain, Indonesia as well as Mexico.

Bayrock Group expands partnership with the Trump Organization

The Trump Organization and the Bayrock Group wanted to extend their collaboration following the opening of Trump SoHo.

Their goal was to build buildings that were similar to Trump SoHo, Arizona and Florida. Trump Organization would have 18 percent equity in the building as well as the same licensing conditions. This will allow Trump to be included in the building's name.

Despite both companies' ambitions the structures were not constructed due to the 2008 global financial crisis.

The American real estate market was the most affected by the financial crisis. Bayrock Group, and the Trump Organization were forced to end their plans.

Tevfik Arif Bayrock The financial crisis ended up altering the American real market to such an degree that Tevfik Arif decided to leave his United States undertakings. He decided to relocate to Europe and Central Asia.

There, he continued working in the private sector.

Bayrock Tevfik Alif has resigned as the Bayrock Group's chief executive officer. He is still an expert advisor to Bayrock Group.

Bayrock Group hasn't been involved in any American real property projects lately. https://www.glassdoor.com/Overview/Working-at-Bayrock-EI_IE820073.11,18.htm Tevfik Arif Doyen But, the firm did invest $2.5 million in real estate properties when it was still active in the United States.



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