Notes

Bayrock Group: The Rise of an New York Real Estate Giant (Tevfik Arif)

Trump SoHo was launched in 2008 by Bayrock Group and the Trump Organization.

Bayrock Group, The Rise of New York Real Estate Giant

In 2008, Trump SoHo was opened by Bayrock Group with the Trump Organization (and the Sapir Organization). But the story of Bayrock Group's growth begins in Kazakhstan years before that.

Bayrock Group's success as a luxury real estate development company in the United States began long before 2001. Bayrock The story starts from the other end.

Bayrock Bayrock Group was founded by Tevfik Arif who was brought into the world in Soviet Kazakhstan to a family of Turkish origin.

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

After 17 years with the ministry, he resigned to establish his own company. Tevfik Arif was involved in the development of luxury real estate foods, exports, food and imports among others.

Tevfik Arif has many companies which have enabled him to achieve a range of partners across the globe. His network brought him to Turkey in 1993. He was among the key leaders behind Turkey's famous all-inclusive hotels.

For instance, he founded the Labada Hotel in Antalya before he went on to his next venture in business across the Atlantic several 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 his American family members.

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

Bayrock Group began with small- to medium-sized projects around New York. For instance, the company revamped the Loehmann's Seaport Plaza shopping center in Brooklyn's Sheepshead.

Bayrock Group was a solid beginning. This made Tevfik even more ambitious. He was seeking bigger projects and he changed the company's strategy in order to concentrate on them.

Bayrock Group, New York City's office moved to the Trump Tower on Fifth Avenue as part of its latest strategy.

It was a move that produced more profit than any other place. The company moved in close proximity to the Trump Organization. The well-known family business was located in the same location.

Trump SoHo takes shape


Bayrock Group and the Trump Organization were both interested in developing luxury real estate developments, so the two companies decided to join forces.

Bayrock Group was already working on a different project on Spring Street in Manhattan's SoHo quarter in collaboration with the Sapir Organization.

Tevfik Arif was aware the Trump Organization's inclusion to this project could give the building an identity which Bayrock Group or the Sapir Organization didn't have.

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

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

This opened the door for Trump SoHo's very first brick to be built in 2006.

The building was completed following two years of laborious work.

Trump SoHo is built by designers who are experienced professionals

Trump SoHo was comprised of apartments, hotel rooms and luxurious bars and eateries. It also had the spa and pool. https://www.bayrock.com/ Through the hotel's floor-to- ceiling windows, guests were able to enjoy amazing views of New York City.

Handel Architects was tasked with the design of the building. The renowned architectural firm also designed the National September 11th Memorial & Museum as well as the Ritz Carlton Hotel located in Washington, D.C.

Bayrock Group commissioned Rockwell Group as interior designers.

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

International experience is also available from countries such as Spain, Mexico, and Indonesia.

Bayrock Group, Trump Organization extend their collaboration

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

The dream of the owners was to create buildings that were similar to Trump SoHo, Arizona and Florida. http://tevfikarifpmbc635.jigsy.com/ Trump Organization would have 18% equity in the building, also under the same licensing conditions. This would open the door to Trump being named in the building's name.

Despite the ambitions and plans of the firms however, the structures couldn't be built due the global economic crisis of 2008.

The American real property market was especially affected by the crisis and Bayrock Group and Trump Organization were forced to stop their plans.

Tevfik Alif, one of the Tevfik Arif employee in the United States, decided to quit his American ventures due to the effects of the economic crisis. He made the decision to go back to Europe or Central Asia.

He worked in the private industry while he was there.

Tevfik Arif has left most of his day-to-day responsibilities for Bayrock Group today. He remains a trusted consultant to Bayrock Group.

Bayrock Group is not currently involved in American real estate ventures. In the past during the time when the company was active it was investing in real estate assets worth $2.5 million in the United States.

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