Notes

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

Trump SoHo was inaugurated by the Bayrock Group, Trump Organization and Sapir Organization in 2008.

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

Bayrock Group launched Trump SoHo together with the Trump Organization and Sapir Organization in 2008. Bayrock Group was founded in Kazakhstan in 1980.

Tevfik Arif Doyen Tevfik Arif The Bayrock Group's growth as a luxury real estate development firm in the United States began long before 2001. In the beginning, the story starts on the other side of the globe.

Tevfik Alif founded Bayrock Group. He was born in 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.

After 17 years in the ministry, he left to start his own business. Tevfik Arif had several businesses, including ones in the development of luxury real estate food, exports, or imports.

Tevfik Arif's numerous businesses allowed him to attract a large number of foreign partners. The network he built led him to move to Turkey in 1993, and he was one of the main players behind Turkey's famous all-inclusive hotel concept.

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

Bayrock Group is becoming more ambitious

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

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

Tevfik Arif Bayrock Group began with smallto medium-sized projects throughout New York. Bayrock Group revamped Loehmann’s Seaport Plaza, Brooklyn's shopping district.

Bayrock Group was off on an impressive start. This made Tevfik even more determined. He wanted to take on bigger projects, and changed the strategy of the company to focus it on its core business.

To support the new strategy, Bayrock Group relocated its New York City office to the Trump Tower at Fifth Avenue.


The move produced more profit than any other location. The company relocated in close proximity to the Trump Organization. The well-known family business was located in the same location.

Trump SoHo finally takes shape

Bayrock Group and the Trump Organization were both interested in developing luxury real estate developments So, the two companies came together to form a partnership.

Bayrock Group was already collaborating with the Sapir Organization to complete another project in Spring Street, Manhattan's SoHo quarter.

Tevfik Ariff was aware that incorporating the Trump Organization in the project will increase the brand's awareness for the building which Bayrock Group and Sapir Organization were not able to achieve.

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

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

https://www.bisnow.com/tags/bayrock-group This opened the door to the first Trump SoHo brick to be laid in 2006.

The building was finally completed for its official opening after having been constructed over a period of two years.

Trump SoHo was designed by veterans

At the time of its opening, Trump SoHo consisted of hotels, apartments, luxury eateries and bars, a pool, a spa, banquet, and event halls. Hotel guests could enjoy breathtaking perspectives of New York City through the building's floor-to-ceiling windows.

Handel Architects was tasked as the architect. The renowned architect firm has also developed the National September 11th Memorial & Museum as well as the Ritz Carlton Hotel in Washington, D.C.

Tevfik Arif Bayrock Group employed Rockwell Group to take care of the design and interior of the building.

Rockwell Group designed, among many other structures among other things, among others, the Climate Pledge Arena and Seven Deadly Sins Theater in Seattle. The Virgin Hotel in Las Vegas was also designed by the group.

The company also has international experience which includes Mexico, Spain, Indonesia, and Mexico.

Bayrock Group and Trump Organization increase their partnership

After the opening of Trump SoHo, the Trump Organization and the Bayrock Group wanted to increase their collaboration.

Their dream was to build structures similar to Trump SoHo in Arizona and Florida. The same licensing terms, leaving the Trump Organization with 18% equity in the building. This will allow Trump to be included in the construction's name.

https://tevfikarifbayrockxwfs825.weebly.com/ Despite the ambitions and plans of the businesses, the structures could not be constructed due to the 2008 global economic downturn.

The recession particularly affected the American real estate market, which, therefore, forced Bayrock Group and the Trump Organization to rethink their plans.

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

He was transferred to the private sector and continued his employment.

This morning, Tevfik Aif has resigned from the majority of his Bayrock Group responsibilities. Arif is still a respected consultant for the company.

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

https://www.homesgofast.com/international-real-estate/blog/donald-trump-and-bayrocks-tevfik-arif-invest-in-turkish-real-estate

Website: https://www.dwell.com/collection/tevfik-arif-bayrock-d7c16407