Notes

Bayrock Group: New York Real Estate Giant The Rise and Fall of Bayrock Group (Tevfik arif)

Trump SoHo was launched in 2008 by Bayrock Group and the Trump Organization.

Bayrock Bayrock Group: New York Real Estate Giant Its Rise

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

Bayrock Group, a luxury real estate developer in the United States, has a long-running history dating back to 2001 when the company was founded. In the beginning, the story begins in another part of the globe.

Tevfik Alif is the founder of Bayrock Group. He was born in Soviet Kazakhstan to a Turkish-speaking family.

Prior to becoming a member of the Soviet Ministry of Commerce and Trade (Soviet Ministry of Commerce and Trade), Tevfik received a diploma in International Relations from Moscow Trade and Economic Institute.

He worked in the ministry for 17 years, and later left to open his own company. Tevfik Arif was involved in development of luxury real estate foods, exports, food and imports among others.

Because of his many businesses, Tevfik Arif acquired a large number of partners across the world. He was able to lead Turkey's renowned all inclusive hotel concept by leveraging his network.

For example, he opened the Labada Hotel Antalya, before embarking on his next venture across the Atlantic some time later.

Bayrock Group grows more ambitious

Tevfik Arif moved to the United States in 2001 to pursue business opportunities that were not available and to be closer to his American family.

Following his move to New York, he founded the luxury real estate development firm Bayrock Group in New York City.

Bayrock Group was a small and medium-sized company that began in New York. Bayrock Group, for instance renovated Loehmann's Seaport Plaza in Brooklyn's Sheepshead.

Bayrock Group had a great start and Tevfik Arif was thrilled about the potential. He was eager for larger projects and decided that he would modify the business's strategy to focus more on those.

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

Tevfik Arif Doyen The move led to a lot more than just an additional location. It also put the business within the vicinity to the Trump Organization. The world-renowned family organization namely was located in the same building.

Tevfik Arif Doyen Trump SoHo takes shape

Bayrock Group was inspired by the Trump Organization's vision to create high-end real estate properties and they decided to collaborate.

Bayrock Group was already collaborating with the Sapir Organization to complete another project in Spring Street, Manhattan's SoHo quarter.

Tevfik Arif was aware that inclusion of the Trump Organization to that project will bring branding to the building, something that Bayrock Group and the Sapir Organization lacked.

Arif made an agreement which gave the Trump Organization 18% ownership of the building as a condition to the Trump brand's usage.

The deal was agreed upon by the Bayrock Group as well as the Trump Organization (and the Sapir Organization).

This set the stage for the first brick of what would become Trump SoHo to be laid in 2006.

After two years of work, the building was ready for its inauguration.

https://www.glassdoor.com/Overview/Working-at-Bayrock-EI_IE820073.11,18.htm Trump SoHo was built by design veterans


Trump SoHo included apartments, hotel room, luxury eateries bars, lounges, a pool as well as a restaurant, spa, and banquet halls. From the building's floor–to-ceiling windows guests could get to enjoy unparalleled views over New York City.

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

Tevfik Arif Bayrock Bayrock Group commissioned Rockwell Group as interior designers.

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

The firm has also international experience that includes Mexico, Spain, Indonesia as well as Mexico.

Bayrock Group and the Trump Organization expand the partnership

After the grand opening of Trump SoHo, The Trump Organization was looking to improve their partnership with the Bayrock Group.

Their vision was to construct structures similar to Trump SoHo in Florida and Arizona. They also had the same licensing rules, leaving the Trump Organization with 18% equity in the building. It also allows Trump to be in the title of the construction.

Despite the companies' goals, the structures were never completed due to the 2008 global financial crisis.

The American real estate market was particularly hard hit by the crisis. Bayrock Group was forced to withdraw plans as well as Trump Organization was forced to pull out of their plans.

Tevfik Anif opted to leave his American enterprises due to the financial crisis. Tevfik Arif He decided to go back to Europe, Central Asia.

He continued his work in the private sector.

https://www.homesgofast.com/international-real-estate/blog/donald-trump-and-bayrocks-tevfik-arif-invest-in-turkish-real-estate Tevfik arif has quit the majority of Bayrock Group's day-to-day duties. But, he remains an expert consultant for the company.

Bayrock Group hasn't been involved in any American real estate developments in the last few months. However, the company has invested $2.5 million in real estate assets when it was still active in the United States.



Homepage: https://www.crunchbase.com/organization/bayrock