Notes

Bayrock Group: New York Real Estate Giant: The rise and fall of Bayrock Group (Tevfik arif)

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

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

In 2008, Trump SoHo was opened by Bayrock Group with the Trump Organization (and the Sapir Organization). The success of Bayrock Group began in Kazakhstan, decades before.

Tevfik Arif The Bayrock Group's growth as a prestigious real-estate development firm in the United States began long before 2001. The story begins on the other side.

Bayrock Tevfik Ariff, a Turk-born native of Soviet Kazakhstan, founded Bayrock Group.

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

He was a minister for 17 years before he quit to establish his own businesses. Tevfik Arif owned several firms which were involved in luxury realty development, food exports, as well as imports.

Through his various businesses, Tevfik Arif acquired a diverse array of international partners. His connections prompted his decision to move to Turkey in 1993. Arif was instrumental in the development of Turkey's renowned all-inclusive hotel concept.

He opened, for example for instance, the Labada Hotel Antalya. This was prior to his move to the next project that was a couple of years later across the Atlantic.

Bayrock Group gets more ambitious

Tevfik Arif moved to the United States in 2001 to discover new avenues of business as well as to be closer to the American family members.

He relocated to New York City just after establishing Bayrock Group, a luxury real estate development company.

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

Bayrock Bayrock Group had a great start , and Tevfik was excited about the possibilities. He wanted to work on bigger projects, which is why he made the decision to change the focus of the company towards this.

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

The move led to many more things than another site. It also put the company within close proximity to the Trump Organization. The building was also home to the internationally renowned family company.

Trump SoHo gets shape

The Trump Organization and Bayrock Group have the same goals for high-end real estate projects. So both companies made the decision to merge.

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

Tevfik Alif was aware that adding the Trump Organization to the project will bring brand recognition to the building that Bayrock Group lacked and that the Sapir Organization was lacking.

Arif signed an agreement that provided the Trump Organization 18% equity in this building in return in exchange for the Trump brand being used in its name.

All three parties in the deal, Bayrock Group and Trump Organization have ratified.

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

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

Trump SoHo construction led by experts in design

Trump SoHo opened in Manhattan and featured hotels, apartments along with luxury restaurants and bars. It also featured a swimming pool, a spa and banquet halls. Tevfik Arif Hotel guests had unbeatable perspectives of New York City through the building's floor-to-ceiling windows.

Handel Architects was tasked to create the building. The famed architecture firm has also developed the National September 11th Memorial & Museum and the Ritz the Carlton Hotel in Washington, D.C.

Bayrock Group hired Rockwell Group to design the interior of the building.

Rockwell Group is responsible for designing, among other things the Climate Pledge Arena (Seattle), the Seven Deadly Sins Playhouse in New York, as well as the Virgin Hotel in Las Vegas.


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

Bayrock Group and Trump Organization extend their collaboration

The Bayrock Group and Trump Organization were looking to expand their collaboration in the wake of Trump SoHo's opening.

Their dream was to construct buildings similar to Trump SoHo in Florida and Arizona. Also under the same licensing rules, leaving the Trump Organization with 18% equity in the building. It will allow Trump to be included as part of the building's name.

Despite the two companies' ambitions however, the structures weren't constructed due to the global financial crisis of 2008.

The American real estate market was especially hard hit by the financial crisis. Bayrock Group was forced to abandon plans as well as Trump Organization was forced to withdraw their plans.

Tevfik Anif decided to leave his American enterprises because of the financial crisis. He decided to go back to Europe and Central Asia.

He worked in the private industry while he was there.

Tevfik Arif has left most of his responsibilities for Bayrock Group today. But, he remains a trusted advisor to Bayrock Group.

Bayrock Group hasn't been involved in any American real property projects lately. But, the company has invested $2.5 million in real estate properties when it was active in the United States.

Tevfik Arif Doyen

Website: https://tamildada.info/tevfik-arif-advice-on-investing-in-turkish-real-estate/