Notes

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

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

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

Bayrock Group opened Trump SoHo alongside the Trump Organization in 2008 and the Sapir Organization. The success of Bayrock Group began in Kazakhstan, decades before.

Tevfik Arif Bayrock Bayrock Group was established in 2001, but the tale of its growth and success luxury real estate development company located in the United States is much older than that. Tevfik Arif Tevfik Arif Doyen The story starts at the opposite end.

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

Before joining the Soviet Ministry of Commerce and Trade in the Soviet Union, Tevfik earned a degree at the Moscow Trade and Economic Institute.

After 17 years in the ministry, he left to create his own business. Tevfik Arif was involved in the development of luxury real estate foods, exports, food and imports, among other things.

Tevfik Arif has many companies which have enabled him to acquire a variety of partners across the globe. The network he had built prompted him to move to Turkey in 1993. Arif was instrumental in the development of Turkey's famous all-inclusive hotel concept.

For instance, he launched Antalya’s Labada Hotel, before he embarked on his next venture across Atlantic after a few years.

Bayrock Group becomes increasingly ambitious

Tevfik Arif moved to the United States in 2001 to pursue new business opportunities and to be close to his American family.


Tevfik Arif After moving to New York, he founded the company for the development of luxury real estate called Bayrock Group in New York City.

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

Bayrock Group was an excellent beginning. It allowed Tevfik Arif more motivation. He was keen to take on bigger projects and decided that he would modify the business's strategy to be more focused on these projects.

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

The move was more successful than moving to another location as the company found itself in the vicinity of Trump Organization. It was home to the family's world-renowned business.

Trump SoHo finally takes shape

The Trump Organization and Bayrock Group shared the same vision of high-end real estate projects. Thus both companies decided to merge.

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

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

Arif drafted an arrangement that permitted the Trump Organization to own 18% of the building, in exchange for the Trump logo being used.

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

That was the foundation for the very first bricks of Trump SoHo to be laid in the year 2006.

Two years after the construction began, the building was ready for its grand opening.

Trump SoHo construction led by design experts

Trump SoHo included apartments, rooms for guests, luxury restaurants, bars, lounges with a pool as well as a restaurant, spa and banquet rooms. Hotel guests could enjoy breathtaking perspectives of New York City through the ceiling-to-ceiling windows of the building.

Handel Architects was tasked with the design of the building. The architect firm had previously developed the famous National September 11th Memorial & Museum (New York City) and the Ritz Carlton Washington Hotel (D.C.).

Bayrock Group employed Rockwell Group to take care of the interior design of the building.

Rockwell Group designed, among other things among other things, among others, the Climate Pledge Arena as well as the Seven Deadly Sins Theatre in Seattle. The Virgin Hotel in Las Vegas was also designed by them.

The company also has experience in international markets, including from Mexico, Spain, Indonesia as well as Mexico.

Bayrock Group and the Trump Organization expand partnership

The Bayrock Group and the Trump Organization were looking to expand their partnership after the opening Trump SoHo.

Their goal was to construct buildings like Trump SoHo in Arizona and Florida. Trump Organization was also granted the same licensing terms and was left with an equity of 18% in the building. It would again pave the way for "Trump" being an element of the construction's name.

Despite the ambitions and plans of the firms, the structures could not be constructed because of the 2008 global economic downturn.

The American real estate market was especially affected by the financial crisis. Tevfik Arif Doyen Bayrock Group, and the Trump Organization were forced to cancel their plans.

Tevfik Anif opted to leave his American companies due to the economic crisis. He made the decision to go back to Europe or Central Asia.

He was employed in the private sector while his time there.

Bayrock Tevfik Arif has left the majority of his responsibilities for Bayrock Group today. Arif is still a respected consultant to the business.

Bayrock Group is not currently involved in American real estate developments. In the past during the time while the company was in operation it invested in real estate assets that were valued at $2.5 million in the United States.



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