Notes

Bayrock Group, The Rise of New York Real Estate Giants (Tevfik Arif)

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


Bayrock Group: New York Real Estate Giant Ascends

Bayrock Group opened Trump SoHo together with the Trump Organization and the Sapir Organization in the year 2008. Bayrock Group's success begins in Kazakhstan many decades prior to.

The Bayrock Group's growth as a luxury real estate development firm in the United States began long before 2001. It all begins on the other side of the world.

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

Tevfik Arif graduated with an undergraduate degree in International Relations from the Moscow Trade and Economic Institute before becoming a member of the Soviet Ministry of Commerce and Trade.

He served in the ministry for 17 years before he quit to establish his own businesses. The firms of Tevfik arif included development of luxury real estate exports, food and imports, among others.

Tevfik's diverse businesses helped him to find a wide number of foreign partners. Tevfik Arif Bayrock His network motivated him to move to Turkey in 1993. He was the key player in the creation of Turkey's renowned all-inclusive hotel concept.

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

Bayrock Group gets more ambitious

Tevfik Arif emigrated to the United States in 2001 to explore new business paths and to be closer to his American family members.

Bayrock Group was established in New York City shortly after he had moved.

Bayrock Group started out with small-to-medium-sized jobs in New York. Bayrock Group, for example revamped Loehmann's Seaport Plaza in Brooklyn's Sheepshead.

Bayrock Group was off to a good start, and it made Tevfik Arif increasingly ambitious. He wanted to take on bigger projects, and changed the strategy of the business to be more focused.

Bayrock Group's New York City offices were moved to the Trump Tower, Fifth Avenue, to accommodate the strategy shift.

The move was much more successful than moving to a new place because the company found itself within the vicinity of Trump Organization. The building was also home to the internationally recognized family company.

Trump SoHo comes to life

Bayrock Group & Trump Organization have a common vision for luxurious real estate projects. Therefore, they have decided to join forces.

Bayrock Group was already involved in another project at Spring Street in Manhattan's SoHo district with the Sapir Organization.

Tevfik Arif was aware that inclusion of the Trump Organization to that project will bring brand recognition to the building, something that Bayrock Group and the Sapir Organization were lacking.

Arif created an agreement giving the Trump Organization 18% equity in the building in exchange for the usage of the Trump brand under its name.

The three parties to the deal, Bayrock Group and Trump Organization have ratified.

Bayrock This was the start of the construction project Trump SoHo's in 2006.

After two years of hard work the building was finished and waiting for its inauguration.

Trump SoHo is built by designers who are experienced professionals

At the time of its opening, Trump SoHo consisted of apartments, hotel rooms as well as luxury bars and restaurants, a pool, a banquet hall, spa and event spaces. https://www.pinterest.com/pin/804174077190206036/ The hotel guests had unparalleled perspectives of New York City from the floor-to-ceiling windows.

Tevfik Arif Doyen Handel Architects were tasked with the design. The famous architectural firm also created the National September 11th Memorial & Museum as well as the Ritz Carlton Hotel in Washington, D.C.

Bayrock Group commissioned Rockwell Group as the interior designer.

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

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

Bayrock Group expands partnership with the Trump Organization

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

Their goal was to build structures that were like Trump SoHo, Arizona and Florida. Bayrock Trump Organization was also granted the same licensing terms and left with 18% equity in this construction. This would also permit Trump to be in the title of the construction.

Despite their goals however, these structures weren't constructed in the wake of the global financial crisis of 2008.

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

Tevfik Ariff made the choice to move out of the United States to escape the economic crisis that had altered America's real estate market. He chose to return to Europe and Central Asia.

There, he continued working in the private sector.

Tevfik Arif has quit most of his duties for Bayrock Group today. He is however an acknowledged consultant for the company.

Bayrock Group was not involved in any American Real Estate ventures recently, however, the firm has invested $2.5 Million in real estate properties in the United States when it was actively investing.



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