Notes

Bayrock Group - The Rise of an New York Real Estate Giant (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

Bayrock Group, along with the Trump Organization, opened Trump SoHo in 2008 along with the Sapir Organization. Bayrock Group's success story begins in Kazakhstan many decades ago.

The story of the luxurious real estate development firm Bayrock Group's successes in the United States begins long before the company's establishment in 2001. In the beginning, the story starts on the other side of the globe.

Tevfik Ariff, a Turkish-born Immigrant from Soviet Kazakhstan, founded Bayrock Group.

Before joining the Soviet Ministry of Commerce and Trade Tevfik Arif graduated with a degree in International Relations at the Moscow Trade and Economic Institute.

He served in the ministry for 17 years before he left to open his own businesses. Tevfik Arif owned several firms that dealt with the development of luxury real estate as well as food exports and imports.

Tevfik Arif, through his many companies, was able obtain a range of foreign partners. Bayrock It was his networker that brought him to Turkey in 1993 and became one of the first to be in the development of Turkey's all-inclusive hotel concept.

In the past, for instance, he launched Antalya's Labada Hotel before embarking on his next business venture over the Atlantic some years later.

Bayrock Group takes on more ambitious goals

Tevfik Arif moved to the United States in 2001 to discover new avenues of business and to be closer to the American part of his family.

Bayrock Group, a luxury development company for real estate in New York City, was founded by him shortly after the move.

Bayrock Group began with smallto medium-sized projects throughout New York. For instance, the firm revamped the Loehmann's Seaport Plaza shopping center in Brooklyn's Sheepshead.

Bayrock Group was off on a strong start. Tevfik was more determined. He was keen to take on bigger projects and decided to alter the strategy of the company to focus more on those.

Bayrock Group moved its New York City office to Trump Tower on Fifth Avenue to coincide with the change in strategy.

The move resulted in a lot more than just the addition of a new location. It also placed the business within the vicinity of the Trump Organization. The world-renowned family organization namely resided in the same building.

Trump SoHo comes to life

Bayrock Group was inspired by Trump's dream to create high-end real estate properties and they decided to join forces.

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

Tevfik Arif Tevfik Ariff knew that including the Trump Organization in the project could boost brand recognition for the building, something that Bayrock Group and Sapir Organization did not have.

https://blogfreely.net/tevfik-arifcyqv762/bayrock-group-new-yorks-real-estate-giant-rises-tevfik-arif Arif created an agreement that allowed the Trump Organization to own 18 percent of the building in exchange for the Trump logo being utilized.

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

https://gopengit.com/members/tevfik-arif-doyenuorb864/activity/139265/ This opened the way to Trump SoHo, which would be the first building to be completed in 2006.

The structure was ready to be officially opened after it was constructed over two years.

Trump SoHo was built by design veterans

Trump SoHo had apartments, accommodation for hotel guests, luxury restaurants/bars with a swimming pool, and banquet halls at the time it was opened. The hotel guests had unparalleled perspectives of New York City from the ceiling-to-ceiling windows.

https://pastelink.net/njukidba Handel Architects was tasked by the design of the construction. The firm's architecture team had designed the renowned National September 11th Memorial & Museum in New York City and the Ritz-Carlton Hotel in Washington, D.C.

Bayrock Group engaged Rockwell Group for interior design.

Rockwell Group has, for instance, designed the Climate Pledge Arena in Seattle as well as the Seven Deadly Sins Theater in New York and the Virgin Hotel in Las Vegas.

The company also has experience with international countries such as Mexico, Spain, and Indonesia.

Tevfik Arif Bayrock Bayrock Group expands partnership with the Trump Organization

After the grand opening of Trump SoHo, The Trump Organization wanted to build on their relationship with the Bayrock Group.

Their goal was to build structures that were like Trump SoHo, Arizona and Florida. Trump Organization also received 18 percent equity in the building with the same license conditions. It would once again permit Trump to be named as part of the name of the building.

Despite the ambitions of both companies they were not constructed due to the global financial crisis of 2008.

The American realty market was particularly hit by the crisis. Bayrock Group, and the Trump Organization were forced to stop their plans.

Tevfik arif resigned from his United States enterprises after the financial crisis. He decided to return to Europe or Central Asia.

Then he continued working in the privatization sector.

Tevfik Arif has resigned from the majority of his day-to-day duties at Bayrock Group today. He will however continue to be a trusted advisor to Bayrock Group.

Bayrock Group has not been involved with any American real-estate projects in the past, however it did invest real property assets in the United States worth $2.5million when it was active.


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