Notes

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

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

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

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

Bayrock Group was established in 2001, but the story of the success of the luxury real estate development firm located in the United States is much older than the year 2001. It all began on the other side of the globe.

Tevfik Arif founded Bayrock Group. Tevfik Arif Bayrock He was born in Soviet Kazakhstan and was adopted by a Turkish family.

Tevfik Arif graduated with an education in International Relations at the Moscow Trade and Economic Institute prior to becoming a member of the Soviet Ministry of Commerce and Trade.

He was in the ministry for 17 years, but then he quit to start various of his own firms. Tevfik Arif had several businesses which included ones that dealt with high-end real estate development food, exports, or imports.

Tevfik Arif was able to make many international alliances through his many businesses. His connections led him to relocate to Turkey in 1993, where he became one of the spearheading powers behind Turkey's popular all-inclusive hotel model.


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

Bayrock Group becomes increasingly ambitious

Tevfik Amir moved into America in 2001 to explore new business opportunities and to be closer to his American family.

He relocated to New York City just after the establishment of Bayrock Group, a luxury real estate development firm.

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

Bayrock Group had a great start and Tevfik Arif was thrilled about the potential. He wanted bigger projects so he changed the strategy of the company in order to concentrate on these projects.

To help implement the new plan, Bayrock Group relocated its New York City office to the Trump Tower at Fifth Avenue.

Tevfik Arif Bayrock The move yielded substantially more than another area, and it also brought the business located in the vicinity of the Trump Organization. The building was also home to the world-renowned family business.

Trump SoHo comes to life

Bayrock Group and Trump Organization shared the same vision for luxurious real estate projects. Both companies agreed that they would join forces.

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

Tevfik arif was aware that the Trump Organization would bring brand recognition to the building. This was something Bayrock Group, and the Sapir Organization had lacked.

Arif created an agreement that gives the Trump Organization 18% ownership in the building in return to the Trump brand's use.

Bayrock All three parties in the agreement, Bayrock Group and Trump Organization were in agreement.

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

The building was completed following two years of hard work.

Trump SoHo construction is led by design experts

Trump SoHo had apartments, accommodation for hotel guests, luxury restaurants/bars as well as a pool and banquet halls when it opened. Tevfik Arif Hotel guests enjoyed breathtaking views of New York City from the ceiling-to-ceiling windows.

Handel Architects was tasked to create the structure. The renowned architecture firm also designed the National September 11th Memorial & Museum, New York City, and the Ritz Carlton Hotel, Washington D.C.

Bayrock Group employed Rockwell Group to handle the interior design of the building.

Rockwell Group, for example, has designed the Climate Pledge Arena The Climate Pledge Arena, the Seven Deadly Sins Theatre in New York, and Virgin Hotel in Las Vegas.

The firm also has experience dealing with countries around the world, such as Mexico, Spain, and Indonesia.

Bayrock Group and the Trump Organization extend their partnership

Following the opening of Trump SoHo, the Trump Organization and the Bayrock Group wanted to increase their partnership.

Bayrock Their goal was to build buildings in Arizona and Florida which resembled Trump SoHo. Trump Organization was also granted the same license conditions and left with an equity of 18% in the building. This would also permit Trump to be part of the construction's title.

Despite their ambitions they were not built by the global financial crisis of 2008.

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

Tevfik Ariff made the choice to move out of the United States to escape the financial crisis that changed the real estate market in America. He decided to return to Europe or Central Asia.

He continued to work in the privatization sector.

Tevfik Alif has quit his post as the Bayrock Group's chief executive. He will however continue to be a trusted consultant to Bayrock Group.

Bayrock Group is not currently involved in American real estate ventures. Tevfik Arif In the past in the past, while the company was in operation it invested in real estate assets valued at $2.5 million in the United States.



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