Notes

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

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

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

Bayrock Group launched Trump SoHo along with the Trump Organization and Sapir Organization in 2008. Bayrock Group's success began in Kazakhstan several decades before.


The story about the luxury real estate development company Bayrock Group's successes in the United States begins long before the firm's founding in 2001. The story began on the other side the globe.

Tevfik, who was born in Soviet Kazakhstan to a Turkish family, established the Bayrock Group.

Tevfik Arif received a degree in International Relations from the Moscow Trade and Economic Institute prior to joining the Soviet Ministry of Commerce and Trade.

He was in the ministry for 17 years later, but he quit to start various of his own firms. https://www.bloomberg.com/profile/company/0836124D:US Tevfik Arif's firms were in the sectors of development of luxury real estate as well as food exports and imports, in addition to.

Bayrock Tevfik's diverse businesses helped him to draw a huge number of foreign partners. The network he had built prompted his decision to move to Turkey in 1993. Tevfik Arif He was the key player in the development of Turkey's famous all-inclusive hotel concept.

For example, he opened the Labada Hotel Antalya, before going on to his next venture across the Atlantic several more years later.

Bayrock Bayrock Group gets more ambitious

Tevfik Alif emigrated to the United States to seek new opportunities in business, and also to be closer to his American family in 2001.

Bayrock Group was established in New York City shortly after the move of the founder.

Bayrock Group started with small-to medium-sized projects across New York. Bayrock Group revamped Loehmann’s Seaport Plaza, Brooklyn's shopping district.

Bayrock Group was a solid beginning. It helped Tevfik become more driven. He wanted to take on bigger projects, and restructured the business strategy of the company to make it more focused.

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

The move was more effective than moving to another place because the company found itself in the vicinity Trump Organization. Bayrock The Trump Organization was home to the world-famous family organization.

Trump SoHo is now in shape

Bayrock Group and the Trump Organization shared the vision of developing luxury real estate developments 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 on Spring Street.

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

Arif wrote an agreement that granted the Trump Organization 18% equity in the building in exchange in exchange for the Trump brand being used to promote its name.

Tevfik Arif The deal was endorsed by the Bayrock Group, Trump Organization and Sapir Organization.

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

After two years of construction the building was finally ready for its grand opening.

Design veterans lead the construction of Trump SoHo

Trump SoHo had apartments, hotel accommodations, luxury eateries/bars with a swimming pool, and banquet halls when it opened. Hotel guests enjoyed breathtaking views of New York City from the high ceilings and floor-to-ceiling windows.

Handel Architects was tasked as the architect. The architect firm had previously created the famed National September 11th Memorial & Museum (New York City) and the Ritz Carlton Washington Hotel (D.C.).

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

Rockwell Group was responsible for the design of the Climate Pledge Arena in Seattle and the Seven Deadly Sins theater in New York.

The firm has also worked dealing with countries around the world, such as Mexico, Spain, and Indonesia.

Bayrock Group expands partnership with the Trump Organization

After the launch of Trump SoHo, the Trump Organization and the Bayrock Group wanted to increase their relationship.

Their goal was to build structures in Arizona and Florida that looked like Trump SoHo. Also under the same licensing terms, leaving the Trump Organization with 18% equity in the building. It would again pave the way for "Trump" being part of the name of the building.

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

The American real estate market was particularly hard hit by the recession. Bayrock Group was forced to abandon its plans, and Trump Organization was forced to pull out of their plans.

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

In the meantime, he worked in the private sector.

This morning, Tevfik Aif has resigned from the majority of his Bayrock Group responsibilities. He is still a trusted advisor to Bayrock Group.

Bayrock Group has not been involved in any American real estate developments in the last few months however, when it was operating the firm was investing in real estate assets that amounted to $2.5 million in the United States.



Here's my website: https://www.linkedin.com/company/bayrock