Notes

Bayrock Group, The Rise of New York Real Estate Giants (Tevfik Arif)

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

Tevfik Arif Bayrock Bayrock Group: New York's Real Estate Giant is Rising

Bayrock Group opened Trump SoHo together with the Trump Organization in 2008 and the Sapir Organization. The Bayrock Group's success started in Kazakhstan several decades before.

Bayrock Bayrock Group was established in 2001, but the story of its success as a luxury real estate development firm located in the United States is much older than that. In the beginning, the story starts on the other side the globe.

Tevfik Alif founded Bayrock Group. He was taken to the world from Soviet Kazakhstan to a Turkish-speaking family.

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 was in the ministry for 17 years, and left to start his own companies. Tevfik Arif had several businesses that included the development of luxury real estate as well as food and exports or imports.

Tevfik Arif has many companies which have enabled him to gain a wide range of partners across the globe. It was his networker who drove his company to Turkey in 1993, where he became one of the pioneering forces behind Turkey's all-inclusive hotel concept.

He, for example, established the Labada Hotel in Antalya before he went on to his next business venture across the Atlantic some years later.

Bayrock Group is becoming more ambitious

Tevfik Arif emigrated to the United States in 2001 to explore new business paths and also to be closer to his American part of his family.

http://pandora.nla.gov.au/external.html?link=https://www.latinpost.com/articles/154499/20220316/what-draws-trump-and-bayrock-group-s-tevfik-arif-to-turkey.htm After moving to New York, he founded the luxury real estate development firm Bayrock Group in New York City.

Bayrock Group was a small and medium-sized company that began in New York. For instance, the Bayrock Group renovated Loehmann's Seaport Plaza at Sheepshead in Brooklyn.

Bayrock Group was off to a good start, and this made Tevfik arif more determined. He wanted bigger projects so his company's approach was changed to focus on them.

To help implement the new plan, Bayrock Group relocated its New York City office to the Trump Tower at Fifth Avenue.

The move resulted in a lot more than just a new location because it placed the business near to the Trump Organization. Tevfik Arif Bayrock The building was also home to the internationally renowned family company.

Trump SoHo comes to life

Bayrock Group & Trump Organization came up with a concept of high-end real estate developments. They came together to form a partnership.

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

Tevfik Arif was aware that inclusion of the Trump Organization to that project would add brand recognition to the building, something that Bayrock Group and the Sapir Organization did not have.

Arif made an agreement in which he gave the Trump Organization 18% equity in the building in exchange for the Trump brand being used in its name.

The deal was agreed upon by Bayrock Group as well as the Trump Organization (and the Sapir Organization).

It was the base for Trump SoHo's first brick to be laid in 2006.

The building was completed following two years of hard work.

Trump SoHo is built by designers who are seasoned professionals

The first time it was opened, Trump SoHo consisted of apartments, hotel rooms, luxury eateries and bars, a pool, a spa, banquet, and event spaces. Hotel guests enjoyed unparalleled views of New York City through the ceiling-to-ceiling windows of the building.

Tevfik Arif Doyen Handel Architects was tasked with designing the building. The famous architectural firm also created the National September 11th Memorial & Museum, New York City as well as the Ritz Carlton Hotel, Washington D.C.

Bayrock Group commissioned Rockwell Group as their interior designer.

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

The company also has experience with international countries such as Mexico, Spain, and Indonesia.

Bayrock Group and Trump Organization expand their partnership

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

Their goal was to build structures in Arizona and Florida which resembled Trump SoHo. Trump Organization was also granted the same license conditions and was left with 18% equity in the building. This would also permit Trump to be in the title of the construction.

Despite the ambitions and plans of the businesses, the structures could not be built due the 2008 global economic downturn.

The recession particularly affected the American real estate market and resulted in the Bayrock Group and the Trump Organization to abandon their plans.

Tevfik Anif decided to quit his American companies due to the economic crisis. He chose to return to Europe and Central Asia.

He continued his work in the private sector.

This morning, Tevfik Aif has resigned from the majority of his Bayrock Group responsibilities. He will however continue to be a trusted advisor for Bayrock Group.

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


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