Notes

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

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

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

In 2008, Trump SoHo was opened by Bayrock Group with the Trump Organization (and the Sapir Organization). Tevfik Arif Bayrock The Bayrock Group's success started in Kazakhstan several decades before.

The Bayrock Group's growth as a luxury real-estate development company in the United States began long before 2001. The story begins at the other end of the world.

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

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

He served in the ministry for 17 years before he left to open his own company. Tevfik Arif’s businesses were in the luxury food, real estate, and exports/imports sectors and many others.

Tevfik Arif has many companies that have helped him acquire a variety of partners around the world. It was his networker that led his company to Turkey in 1993 to become one of the pioneering forces behind Turkey's all-inclusive hotel concept.

For instance, he launched Antalya's Labada Hotel before embarking on his next venture in business over the Atlantic several years later.

Bayrock Group becomes increasingly ambitious

Tevfik Amir moved to America in 2001 to find new business opportunities as well as to be closer with his American family.

https://www.f6s.com/tevfikarifbayrock1 He moved 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, Bayrock Group revamped the design of Loehmann's Seaport Plaza at Sheepshead in Brooklyn.

Bayrock Group was an excellent start. It allowed Tevfik Arif more ambition. He was keen to take on bigger projects and decided that he would change the company strategy to be more focused on these projects.

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

https://www.latinpost.com/articles/154499/20220316/what-draws-trump-and-bayrock-group-s-tevfik-arif-to-turkey.htm The move was more successful than moving to a new site since the company located itself in the vicinity Trump Organization. The renowned family business was headquartered in the same location.

Trump SoHo comes to life

Bayrock Group and Trump Organization have the same goals for luxurious real estate projects. Both companies agreed to collaborate.

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

Tevfik Alif knew that bringing the Trump Organization to the project would add brand awareness to the building that Bayrock Group lacked and that the Sapir Organization was lacking.

Arif created an agreement which gave the Trump Organization 18% ownership of the building as a condition for the Trump brand's usage.

The agreement was approved by the Bayrock Group, Trump Organization and the Sapir Organization.

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

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

Design professionals are the architects behind SoHo Trump SoHo

Trump SoHo opened in Manhattan and featured the hotel rooms, apartments as well as luxury bars and restaurants. There was also the pool, a spa and banquet halls. Hotel guests could enjoy breathtaking perspectives of New York City through the building's floor-to-ceiling windows.

Handel Architects was tasked by the design of the structure. The firm's architect was responsible for the design of the National September 11th Memorial & Museum in New York City as well as the Ritz-Carlton Hotel Washington, D.C.

Bayrock Group employed Rockwell Group to manage the design and interior of the building.

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

The firm also has experience in international countries like Indonesia, Mexico and Spain.

Bayrock Group and Trump Organization expand their partnership

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

Their goal was to build buildings in Arizona and Florida that resembled Trump SoHo. The same licensing terms, leaving the Trump Organization with 18% equity in the building. This will permit Trump to be included in the building's name.

Despite the ambitions of both firms however, the structures were not built due to the 2008 global financial crisis.

The American real estate market was particularly affected by the crisis. Bayrock Group was forced to abandon plans as well as Trump Organization was forced to cancel their plans.

Tevfik Alif, one of the Tevfik Arif employee in the United States, decided to quit his American ventures due to the impact of the economic crisis. He decided to return to Europe and Central Asia.

https://www.linkedin.com/company/bayrock He then continued to work in the privatization sector.

Tevfik Alif has resigned as the Bayrock Group's chief executive officer. But, he remains a trusted advisor to Bayrock Group.

Bayrock Group was not involved in any American Real Estate developments Recently, however, the company invested $2.5 Million in real estate assets in the United States when it was actively investing.




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