Notes

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

Trump SoHo was opened by Bayrock Group in 2008, along with the Trump Organization (the Trump Organization) as well as the Sapir Organization.

https://www.bizjournals.com/sanfrancisco/news/2021/10/28/walnut-creek-dmv-bayrock-units.html Bayrock Group: New York Real Estate Giant Rises

In 2008, Trump SoHo was opened by Bayrock Group with the Trump Organization (and the Sapir Organization). However, the tale of the Bayrock Group's success begins in Kazakhstan several decades prior to that.

Tevfik Arif Bayrock The story of the luxurious real estate development firm Bayrock Group's growth in the United States begins long before the firm's founding in 2001. The story began from the other side of the globe.

Tevfik Alif was the founder of Bayrock Group. He was born in 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 stayed within the ministry for 17 years and then relinquished his position to establish several of his own enterprises. Tevfik Arif's firms were in the sectors of development of luxury real estate exports, food and imports, among other things.

Tevfik's diverse businesses helped him to attract a large variety of international partners. His network led him to Turkey in 1993 where he was among the key figures behind Turkey's famous all-inclusive hotels.

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

Bayrock Group takes on more ambitious goals

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

He relocated to New York City just after establishing Bayrock Group, a luxury real estate development company.

Tevfik Arif Bayrock Group was a small and medium-sized company that began in New York. For instance, Bayrock Group revamped the design of Loehmann's Seaport Plaza at Sheepshead in Brooklyn.

Bayrock Group was a solid start. It helped Tevfik become more driven. He wanted to take on bigger projects and decided to modify the business's approach to concentrate on this.

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

The move was much more successful than moving to a new place because the company found itself in the vicinity of Trump Organization. The world-renowned family organization namely resided in the same building.

Trump SoHo finally takes shape

Bayrock Group was inspired by Trump's dream to create luxurious real estate properties and so they decided to collaborate.

Bayrock Group was already working with the Sapir Organization on another undertaking in Manhattan's SoHo Quarter, which is located on Spring Street.

Tevfik Arif was aware that the addition of the Trump Organization to that project would add branding to the building that Bayrock Group and the Sapir Organization were lacking.

Arif made an agreement which gave the Trump Organization 18% ownership in the building in return for the Trump brand's use.

The deal was ratified by Bayrock Group (the Trump Organization) as well as the Sapir Organization (the Sapir Organization).

That paved the way for the first brick of what would later become Trump SoHo to be laid in 2006.

Tevfik Arif Doyen The building was completed following two years of laborious work.


Trump SoHo was designed by veterans

When it opened, Trump SoHo consisted of apartments, hotel rooms luxurious bars and restaurants, a pool, a spa, banquet, and event halls. The floor-to-ceiling windows of the building allowed guests to enjoy unbeatable views of New York City.

Handel Architects was tasked as the architect. Tevfik Arif The famous architect firm also designed the National September 11th Memorial & Museum, New York City, and the Ritz Carlton Hotel in Washington D.C.

Bayrock Group commissioned Rockwell Group as the interior designer.

Rockwell Group has, for instance developed for instance, the Climate Pledge Arena in Seattle The Seven Deadly Sins Theater in New York and the Virgin Hotel in Las Vegas.

The company also has international experience from countries like Indonesia, Mexico and Spain.

Bayrock Group and Trump Organization strengthen their relationship

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

Their dream was to construct buildings that resembled Trump SoHo in Florida and Arizona. The same licensing terms were applied, leaving the Trump Organization with 18% equity. This would allow Trump to be included in the construction's name.

Despite the ambitions of both companies, the structures were never constructed due to the 2008 global financial crisis.

The crisis especially hit the American real estate market, which consequently, forced Bayrock Group and the Trump Organization to abandon their plans.

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

Tevfik Arif He continued his job in the private sector.

Tevfik has quit today from his Bayrock Group daily responsibilities. Tevfik Arif However, he is an expert advisor to Bayrock Group.

Bayrock Group was not involved in any American Real Estate developments recently, however, Bayrock Group made an investment of $2.5 Million in real estate assets in the United States when it was actively investing.



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