Notes

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

Trump SoHo was opened by Bayrock Group in 2008, together with the Trump Organization (the Trump Organization) and the Sapir Organization.

Bayrock Group: New York's Real Estate Giant is Growing

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

Bayrock Group, a luxury real estate developer in the United States, has a long history that goes back to 2001 , when the company was formed. It all begins on the other end of the globe.

Tevfik the founder, born in Soviet Kazakhstan to a Turkish family, established the Bayrock Group.

Before joining the Soviet Ministry of Commerce and Trade, Tevfik Ariff earned an education from the Moscow Trade and Economic Institute in International Relations.

https://kazakhbusinessbulletin.wordpress.com/kazakh-businessman/tevfik-arif/ After 17 years in the ministry, he resigned to start his own business. The firms of Tevfik arif were in the fields of development of luxury real estate as well as food exports and imports, in addition to.

Tevfik Arif was able to make many international alliances through his many businesses. Tevfik Arif His connections prompted him to move to Turkey in 1993. He was instrumental in the development of Turkey's famous all-inclusive hotel concept.

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

Bayrock Group grows more ambitious

Tevfik Amir emigrated to America in 2001 in search of new business opportunities as well as to be closer with his American family.

After he moved to the United States, he started the luxury realty development firm Bayrock Group in New York City.

In the beginning, Bayrock Group executed small to medium-sized projects within and around New York. Bayrock Group redesigned Loehmann's Seaport Plaza, Brooklyn's shopping district.

Bayrock Group was a solid start. https://www.bisnow.com/tags/bayrock-group It helped Tevfik become more ambitious. He wanted to take on bigger projects, and altered the approach of the business to make it more focused.

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

The move was much more successful than the move to a different place because the company found itself in the vicinity of Trump Organization. It was home to the family's world-renowned organization.

Trump SoHo finally takes shape

The Trump Organization and Bayrock Group had the same vision for luxurious real estate developments. So they have decided to join forces.

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

Tevfik Arif knew that the addition of the Trump Organization to that project would add brand recognition to the building, something that Bayrock Group and the Sapir Organization were lacking.

Arif wrote an agreement that granted the Trump Organization 18% equity in the building in exchange in exchange for the Trump brand being used to promote its name.

The deal was endorsed by the Bayrock Group, Trump Organization and the Sapir Organization.

This opened the way to Trump SoHo, which would be the first building to be completed in 2006.

After two years of labor The building was completed and waiting for its inauguration.

Tevfik Arif Bayrock Trump SoHo construction led by design experts

Trump SoHo opened in Manhattan and featured the hotel rooms, apartments as well as luxury restaurants and bars. It also featured an outdoor pool, spa and banquet halls. Hotel guests enjoyed unparalleled perspectives of New York City through the building's floor-to-ceiling windows.

Handel Architects was tasked by the design of the structure. The famous 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 take care of the design and interior of the building.

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

Furthermore, the firm has extensive experience abroad in countries like Spain as well as Mexico.

Bayrock Group, Trump Organization extend their collaboration

The Trump Organization and the Bayrock Group wanted to extend their collaboration after the launch of Trump SoHo.

https://www.nycourts.gov/LegacyPDFS/courts/comdiv/ny/PDFs/131-Bayrock.pdf Their vision was to design structures in Arizona and Florida which resembled Trump SoHo. The same licensing conditions were applied, leaving the Trump Organization with 18% equity. It would once again permit Trump to be included as part of the building's name.

Despite the goals of both companies they didn't get the structures due to the 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, as well as Trump Organization was forced to cancel their plans.

Tevfik Ariff made the choice to quit the United States to escape the financial crisis that changed America's real estate market. Tevfik Arif Bayrock He chose to go back to Europe and Central Asia.


He continued to work in the private sector.

Today, Tevfik Aif has resigned from the majority of his Bayrock Group responsibilities. But, he remains an advisor Bayrock Group.

Bayrock Group has not been involved in any American real estate ventures in recent times However, during the time it was in the market, the firm invested real estate assets that amounted to $2.5 million in the United States.

Tevfik Arif Doyen

My Website: https://kazakhbusinessbulletin.wordpress.com/kazakh-businessman/tevfik-arif/