Notes

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

Trump SoHo was opened by Bayrock Group in 2008, along with the Trump Organization (the Trump Organization) and the Sapir Organization.

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

Bayrock Group opened Trump SoHo together with the Trump Organization in 2008 and the Sapir Organization. However, the story of Bayrock Group's success starts in Kazakhstan years before that.

Bayrock Group was established in 2001, but the story of the success of the luxury real estate development company located in the United States is much older than the time it was founded. It all begins on the other side of the planet.

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

Tevfik Arif graduated with a degree in International Relations at the Moscow Trade and Economic Institute prior to becoming a member of the Soviet Ministry of Commerce and Trade.

He was a minister for 17 years before he left to open his own business. Tevfik Arif Tevfik Arif was involved in development of luxury real estate foods, exports, food and imports among other.

Due to his numerous companies, Tevfik Arif acquired a large number of partners across the world. The network he had built prompted him to move to Turkey in 1993. 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 moving on to his next venture across the Atlantic some time later.

https://peatix.com/user/14857977 Bayrock Group is becoming more ambitious

Tevfik Arif moved to the United States in 2001 to explore new avenues for business as well as to be closer to his American family members.

Following his move to New York, he established the development company for luxury real estate Bayrock Group in New York City.

Bayrock Group began with smallto medium-sized projects in New York. For instance, Bayrock Group revamped the design of Loehmann's Seaport Plaza at Sheepshead in Brooklyn.

Bayrock Group was off on an excellent beginning. This led to Tevfik becoming more ambitious. He was keen to tackle larger projects, and so it was his decision to shift the company's focus towards that.

https://blogs.nmit.ac.nz/showcase/question/what-are-the-trump-and-bayrock-groups-tevfik-arifs-attraction-to-turkey-2/ In support of the new strategy, Bayrock Group relocated its New York City office to the Trump Tower at Fifth Avenue.

The move resulted in many more things than the addition of a new location. It also put the company in close proximity of the Trump Organization. The Trump Organization was home to the world-famous family organization.

Trump SoHo is now in form

The Trump Organization and Bayrock Group had the same vision for luxury real estate projects. Tevfik Arif Bayrock Therefore both companies decided to merge.

Bayrock Group had already begun work on a second project in Manhattan's SoHo neighborhood on Spring Street with the Sapir Organization.

Tevfik Alif was aware that adding 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 made an agreement in which he gave the Trump Organization 18% equity in the building in exchange in exchange for the Trump brand being used as its brand name.

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

This opened the way to the first Trump SoHo brick to be laid in 2006.

After two years of work The building was completed and waiting for its inauguration.

Trump SoHo was built by design veterans

Trump SoHo was comprised of apartments, hotel rooms as well as luxury bars and restaurants. It also had a pool and a spa. Hotel guests could enjoy breathtaking perspectives of New York City through the building's floor-to-ceiling windows.

Handel Architects was tasked to create the structure. 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 hired Rockwell Group to design the interior of the building.

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

The company also has international experience , originating from countries like Indonesia, Mexico and Spain.

Bayrock Group and Trump Organization strengthen their partnership

The Bayrock Group and the Trump Organization sought to strengthen their partnership after the opening Trump SoHo.

Tevfik Arif The dream of the owners was to create buildings that were similar to Trump SoHo, Arizona and Florida. The same licensing conditions were used, which left the Trump Organization with 18% equity. It would once again allow Trump to be named as part of the name of the building.

Despite both companies' ambitions the structures were not created due to the global 2008 financial crises.

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

The financial crisis was responsible for altering the American real property market to the degree that Tevfik Arif opted to end his United States undertakings. He decided to relocate to Europe and Central Asia.

He worked in the private sector during the time his time there.

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

Bayrock Group is not currently involved in American real estate projects. However during the time when the company was active, it invested real estate assets worth $2.5 million in the United States.


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