Notes

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

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

Bayrock Group: The Rise of a New York Real Estate Giant

Bayrock Group opened Trump SoHo together with the Trump Organization in 2008 and the Sapir Organization. Tevfik Arif Doyen Bayrock However, the tale of Bayrock Group's growth begins in Kazakhstan several decades prior to that.

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

Tevfik Alif was the founder of Bayrock Group. He was born in Soviet Kazakhstan to a Turkish-speaking family.

Prior to being appointed to the Soviet Ministry of Commerce and Trade, Tevfik Ariff earned a degree from the Moscow Trade and Economic Institute in International Relations.

After working for 17 years in the ministry, he decided to leave and start several businesses. Bayrock The firms of Tevfik arif included luxury real estate development, food and exports and imports, among other things.

Due to his numerous companies, Tevfik Arif acquired a wide array of worldwide partners. He was a networker that led his company to Turkey in 1993, where he became one of the first to be behind Turkey's all-inclusive hotel concept.

For instance, he launched the Labada Hotel Antalya, before embarking on his next venture across the Atlantic several more years later.

Bayrock Group takes on more ambitious goals

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

Bayrock Group, a luxury development firm for real estate in New York City, was established by him shortly after he moved.

Bayrock Group began with smallto medium-sized projects throughout New York. Bayrock Bayrock Group, as an example, remodeled Loehmann’s Seaport Plaza in Brooklyn's Sheepshead.

Bayrock Group was an excellent beginning. Tevfik Arif Doyen It allowed Tevfik Arif more determination. He was seeking bigger projects and he changed the strategy of the company in order to concentrate on them.

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

It was a move that yielded significantly more than any other place. The company was located near to the Trump Organization. It was home to the world-renowned family business.

Trump SoHo is now in shape

Bayrock Group and Trump Organization shared the same vision for high-end real estate developments. Both companies agreed to join forces.

Bayrock Group was already working with the Sapir Organization on another undertaking in Manhattan's SoHo Quarter, which is located on Spring Street.

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

Arif created an agreement giving the Trump Organization 18% equity and the right to use the Trump name in exchange.

The three parties to the deal, Bayrock Group and Trump Organization were in agreement.

Tevfik Arif This was the opening for the very first Trump SoHo brick to be laid in 2006.

After two years of hard work The building was finally ready for the opening.

Trump SoHo was constructed by design professionals

Trump SoHo had apartments, hotels, luxurious restaurants/bars as well as a pool and banquet halls when it opened. The hotel guests had unparalleled views of New York City from the ceiling-to-ceiling windows.

Handel Architects were tasked with the design. The famed architecture firm has also created the National September 11th Memorial & Museum and the Ritz the Carlton Hotel located in Washington, D.C.

Bayrock Group commissioned Rockwell Group as interior designers.

Rockwell Group, for example is the architect behind the Climate Pledge Arena, Seven Deadly Sins Theatre in New York, and Virgin Hotel in Las Vegas.

Additionally, the firm has extensive experience abroad in countries such as Spain and Mexico.

Bayrock Group and Trump Organization expand their partnership

Following the launch of Trump SoHo, the Trump Organization and Bayrock Group wanted to increase their partnership.

Their vision was to design structures that were located in Arizona and Florida that looked like Trump SoHo. They also had the same licensing rules, leaving the Trump Organization with 18% equity in the building. This would also permit Trump to be an integral part of the title to the building.

Despite the hopes and plans of the businesses, the structures could not be built due the global economic crisis of 2008.

The crisis especially hit the American real estate market, and consequently, forced Bayrock Group and the Trump Organization to abandon their plans.

Tevfik Ariff made the decision to quit the United States to escape the financial crisis that changed America's real estate market. He chose to return to Europe and Central Asia.

Then he continued working in the privat sector.

Tevfik has quit today from all his Bayrock Group daily responsibilities. However, he continues to be a trusted advisor for Bayrock Group.


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



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