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, together with the Trump Organization (the Trump Organization) as well as the Sapir Organization.

https://www.sunnewsonline.com/bayrock-group-the-rise-of-a-new-york-real-estate-giant/ Bayrock Group, The Rise of New York Real Estate Giant

Bayrock Group launched Trump SoHo together with the Trump Organization and Sapir Organization in 2008. https://www.bisnow.com/tags/bayrock-group Bayrock Group's success began in Kazakhstan decades earlier.

Bayrock Group was established in 2001, but the story of its success as a luxury real estate development firm in the United States is much older than the year 2001. The story began from the other side of the globe.

Tevfik Alif was the founder of Bayrock Group. He was brought to the world from Soviet Kazakhstan to a Turkish-speaking family.

Before joining the Soviet Ministry of Commerce and Trade, Tevfik Ariff earned a degree from the Moscow Trade and Economic Institute in International Relations.

After being in the ministry for 17-years the minister decided to step down and start several businesses. https://m.imdb.com/name/nm10842495/mediaviewer/rm2948766977 Tevfik Arif owned several firms which were involved in luxury realty development, food exports, and imports.

Because of his many businesses, Tevfik Arif acquired a diverse array of international partners. His network drove him to move to Turkey in 1993, where he became one of the spearheading powers behind the country's famous all-inclusive hotel concept.

In the past, for instance, he opened Antalya's Labada Hotel before embarking on his next venture across the Atlantic many years later.

Bayrock Group takes on more ambitious goals

Tevfik arif came into the United States from Pakistan in 2001 to investigate new business opportunities and be closer his American family.

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

Bayrock Group began with smallto medium-sized projects throughout New York. The company, for example renovated the shopping mall Loehmann's Seaport Plaza in the Sheepshead area of Brooklyn.

Bayrock Group was a solid beginning. It helped Tevfik become more driven. https://www.zoominfo.com/c/bayrock-group-llc/8637225 He wanted to work on larger projects, and therefore it was his decision to move the company's focus to the area of.

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

The move yielded significantly more than the other location, as it got the business close to the Trump Organization. The renowned family business was headquartered in the same location.

Trump SoHo comes to life

Bayrock Group and the Trump Organization have a common goal of creating luxury real estate projects, so the two companies decided 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 recognized that the Trump Organization would bring brand recognition to the building. This was something that Bayrock Group, and the Sapir Organization had lacked.

Arif drafted an agreement granting the Trump Organization 18% equity in the building in exchange for the usage of the Trump brand name in its name.

Bayrock Group, the Trump Organization and the Sapir Organization all agreed to the deal.

https://tevfikarifbayrockxwfs825.weebly.com/ This was the first phase of the Trump SoHo's construction in 2006.

After two years of labor The building was completed and was awaiting its opening.

Trump SoHo is built by designers who are skilled professionals

Trump SoHo had apartments, hotels, luxurious restaurants/bars with a swimming pool, and banquet halls at the time it was opened. The guests of the hotel enjoyed unbeatable views of New York City from the ceiling-to-ceiling windows.

Handel Architects were tasked with the design. The firm's architecture team had developed the famed National September 11th Memorial & Museum in New York City and the Ritz-Carlton Hotel in Washington, D.C.

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

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

International experiences are also available from nations like Spain, Mexico, and Indonesia.

Tevfik Arif Bayrock Group, Trump Organization extend their collaboration

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

Their vision was to construct buildings that resembled Trump SoHo in Florida and Arizona. Trump Organization was also granted the same license terms and left with 18% equity in the construction. It also allows Trump to be part of the construction's title.

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

https://www.bocaratontribune.com/bocaratonnews/2019/02/data-breach-football-tevfik-arif-doyen-group-negative-effects-leaks/ The American real estate market was particularly affected by the recession, which led Bayrock Group to pull out and Trump Organization to rescind their plans.

Tevfik Anif decided to quit his American businesses because of the financial crisis. https://assets.documentcloud.org/documents/3117892/Bayrock-Presentation.pdf He decided to move back to Europe or Central Asia.

There, he continued working in the private sector.

Tevfik Alif has resigned as Bayrock Group's chief executive. He is however an acknowledged consultant for Bayrock Group.

Bayrock Group has not been involved in any American real estate projects lately However, during the time it was in the market the firm was investing in real estate assets that amounted to $2.5 million in the United States.




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