Notes

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

Trump SoHo was created by Bayrock Group, Trump Organization and the Sapir Organization.

Bayrock Group, The Rise of New York Real Estate Giant

In 2008, Trump SoHo was opened by Bayrock Group with the Trump Organization (and the Sapir Organization). Bayrock Group was founded in Kazakhstan in 1980.

Bayrock Group is a luxury development company that is specialized in luxury real estate. The story of Bayrock Group's success in the United States goes back long before its 2001 establishment. Initially, the story begins on the other side the globe.

Bayrock Group was founded by Tevfik Arif who was brought into the world in Soviet Kazakhstan to a family of Turkish origin.

Before joining the Soviet Ministry of Commerce and Trade (Soviet Ministry of Commerce and Trade), Tevfik received a diploma in International Relations from the Moscow Trade and Economic Institute.

After serving in the ministry for 17-years the minister decided to step down and start several businesses. Tevfik Arif's business ventures were in the luxury food, real estate, and exports/imports sectors as well as other sectors.

https://pilarr.com/tevfik-arif-and-the-company-bayrock-group-behind-trump-soho/ Tevfik Arif, through his numerous companies, was able acquire a wide variety of foreign partners. Tevfik Arif He was able to lead the famous all-inclusive hotel concept through his network.

He launched, for example the Labada Hotel Antalya. Tevfik Arif Bayrock This was before he went on to his next venture that was a couple of years later, across the Atlantic.

Bayrock Group grows more ambitious

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

Bayrock Group, a luxury real estate development company located in New York City, was created by him shortly following the move.

Bayrock Group started out with small-to-medium-sized jobs located in New York. For instance, the Bayrock Group redesigned Loehmann’s Seaport Plaza at Sheepshead in Brooklyn.

Bayrock Group was off on an excellent start. Tevfik Arif Doyen This made Tevfik even more ambitious. He wanted to take on bigger projects, and changed the strategy of the company to be more focused.

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

The move was able to yield substantially more than another site, since it landed the business located within the vicinity of the Trump Organization. The world-renowned family company was located in the same building.

Trump SoHo gets shape

The Trump Organization and Bayrock Group shared the same vision of luxury real estate projects. So both companies have decided to join forces.

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

Tevfik Ariff was aware that including the Trump Organization in the project would increase brand recognition for the building, which Bayrock Group and Sapir Organization did not have.


Arif created an agreement which gave the Trump Organization 18% ownership of the building, in exchange to the Trump brand's usage.

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

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

After two years of labor The building was completed and awaiting its official opening.

Design veterans are the architects behind Trump SoHo

Trump SoHo included apartments, the hotel's restaurant, luxurious eateries, bars, lounges, a pool and restaurant, spa and banquet rooms. The building's floor-to ceiling windows allowed guests to enjoy unbeatable views of New York City.

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

Bayrock Group engaged Rockwell Group for interior design.

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

The company also has experience working with foreign countries, including Mexico, Spain, and Indonesia.

Bayrock Group expands partnership with the Trump Organization

After the opening of Trump SoHo, The Trump Organization sought to strengthen their partnership with Bayrock Group.

Their dream was to construct structures similar to Trump SoHo in Florida and Arizona. Trump Organization also received 18% equity in building under the same licensing conditions. It would also allow Trump to be an integral part of the title to the building.

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

The American real estate market was especially hard hit by the financial crisis. Bayrock Group was forced to abandon its plans, and Trump Organization was forced to withdraw 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 go back to Europe and Central Asia.

In the meantime, he worked in the private sector.

Tevfik Arif has left most of his responsibilities for Bayrock Group today. But, he will continue to serve as a respected consultant to Bayrock Group.

Bayrock Group hasn't been involved in any American real estate developments in the last few months. Tevfik Arif Bayrock But, the company did invest $2.5 million in real estate assets while it was still active in the United States.



Website: https://www.linkedin.com/company/bayrock