Notes

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

Bayrock Group, along with the Trump Organization, opened Trump SoHo in 2008 with the Sapir Organization. Bayrock Group's success begins in Kazakhstan many decades prior to.

Bayrock Group, a luxury real estate developer in the United States, has a long and rich history dating all the way to 2001, the year the company was founded. The story begins on the other side.

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

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

He remained in the ministry 17 years before left to create some of his own businesses. Tevfik Arif owned several firms that dealt with the development of luxury real estate as well as food exports and imports.

Tevfik Arif, through his numerous businesses, was able to obtain a range of international partners. His network led him to Turkey in 1993 where he was among the key figures behind Turkey's famous all-inclusive hotels.

For example, he opened Antalya's Labada Hotel, before he set off on his next adventure across the Atlantic, several years later.

Bayrock Group gets more ambitious

Tevfik Arif emigrated to the United States in 2001 to explore new opportunities in business as well as be close to his American family.

After moving, he established the luxury real estate development firm Bayrock Group in New York City.

In the beginning, Bayrock Group executed small to medium-sized construction projects in and around New York. Bayrock Group revamped Loehmann’s Seaport Plaza, Brooklyn's shopping district.


https://www.facebook.com/pages/category/Nonprofit-organization/Tevfik-Arif-Bayrock-258754714625630/ Bayrock Group was off on an impressive beginning. Tevfik was more ambitious. Tevfik Arif Doyen He was keen to take on bigger projects and decided that he would alter the strategy of the company to focus more on these projects.

Bayrock Group's New York City offices were moved to the Trump Tower, Fifth Avenue to accommodate the new strategy change.

The move was able to yield much more than the previous site, since it landed the business located close to the Trump Organization. https://www.sunnewsonline.com/bayrock-group-the-rise-of-a-new-york-real-estate-giant/ The renowned family business was headquartered in the same building.

Trump SoHo comes to life

Bayrock Group was inspired by the Trump Organization's vision to create luxurious real estate properties which is why they decided to work together.

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

Tevfik Ariff was aware that incorporating the Trump Organization in the project could boost brand awareness for the building something that Bayrock Group and Sapir Organization didn't have.

https://www.charlesbridge.com/pages/fiona-bayrock Arif made an agreement which gave the Trump Organization 18% ownership of the building, in exchange for the Trump brand's usage.

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

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

The building was finally completed for the official opening following being built over a period of two years.

Trump SoHo construction is led by design experts

Trump SoHo opened in Manhattan and featured hotels, apartments as well as luxury restaurants and bars. Tevfik Arif Bayrock The building also had a swimming pool, a spa and banquet halls. The windows that ran from floor to ceiling allowed guests to enjoy unbeatable views of New York City.

Tevfik Arif Bayrock Handel Architects were tasked with the design. The architectural firm previously developed the famous National September 11th Memorial & Museum (New York City) as well as the Ritz Carlton Washington Hotel (D.C.).

Bayrock Group employed Rockwell Group to handle the interior design of the building.

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

The firm also has international experience that includes Mexico, Spain, Indonesia and Mexico.

Bayrock Group, Trump Organization expand their partnership

After the opening of Trump SoHo, The Trump Organization sought to strengthen their partnership with Bayrock Group.

Their goal was to construct buildings like Trump SoHo in Arizona and Florida. Trump Organization also received 18 percent equity in the building with the same license terms. It will permit Trump to be named in the name of the building.

Despite the ambitions of both companies, the structures did not get created due to the global 2008 financial crisis.

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

Tevfik Ariff made the choice to quit the United States to escape the economic crisis that had altered America's real estate market. He chose to return to Europe and Central Asia.

He continued his work in the private sector.

Tevfik arif has resigned the major part of Bayrock Group's everyday duties. He is however a respected consultant to the company.

Bayrock Group is not currently involved in American real estate projects. However, while the company was in operation it was investing in real estate assets that were valued at $2.5 million in the United States.



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