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Bayrock Group - The Rise of an 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 opened Trump SoHo together with the Trump Organization in 2008 and the Sapir Organization. Tevfik Arif Bayrock The story of Bayrock Group's success begins in Kazakhstan many decades ago.

Bayrock Group is a luxury development company that is specialized in luxury real estate. The success of Bayrock Group here in the United States goes back long before its 2001 establishment. The story begins at the other end of the globe.

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

Prior to being appointed to the Soviet Ministry of Commerce and Trade, Tevfik Ariff earned an academic degree from the Moscow Trade and Economic Institute in International Relations.

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

Tevfik Arif, through his many companies, was able acquire a wide variety of foreign partners. He was a networker that brought his company to Turkey in 1993, where he became one of the first to be behind Turkey's concept of an all-inclusive hotel.

For example, he opened Antalya's Labada Hotel, before he began his next venture across the Atlantic after several years.

Bayrock Group grows more ambitious

Tevfik Arif emigrated to the United States in 2001 to explore new avenues for business and to be closer to the American family members.

He moved to New York City just after establishing Bayrock Group, a luxury real estate development company.

At first, Bayrock Group executed small to medium-sized projects within and around New York. The company, for example transformed the shopping center Loehmann's Seaport Plaza in the Sheepshead area of Brooklyn.

Bayrock Group was a solid start. It helped Tevfik become more ambitious. He was looking for bigger projects , and decided to alter the strategy of the company to concentrate on this.

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

https://realtybiznews.com/what-happened-to-tevfik-arif-and-bayrock-groups-trump-soho/98760463/ Tevfik Arif The move led to a lot more than just the addition of a new place. It also put the company in close proximity to the Trump Organization. The family-respected organization was headquartered in the same building.

Trump SoHo comes to life

Bayrock Group & Trump Organization have a common vision for luxury real property projects. So, they decided to combine forces.

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

Tevfik Arif knew that the Trump Organization's involvement in this project could give the building a brand image that Bayrock Group or the Sapir Organization didn't have.

Arif made an agreement which gave the Trump Organization 18% ownership of the building as a condition for the Trump brand's use.

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

This set the stage for the first bricks of what would eventually become Trump SoHo to be laid in the year 2006.

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

Trump SoHo was built by design veterans

Trump SoHo opened in Manhattan and offered apartments, hotel rooms along with luxury bars and restaurants. There was also a swimming pool, spa and banquet halls. Hotel guests enjoyed unparalleled perspectives of New York City through the glass ceilings of the hotel.

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

https://www.linkedin.com/in/erkantevfikarif Bayrock Group commissioned Rockwell Group as their interior designer.

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

The firm also has experience in international markets, including from Mexico, Spain, Indonesia, and Mexico.

Bayrock Group expands partnership with the Trump Organization

The Trump Organization and the Bayrock Group sought to expand their collaboration following the opening of Trump SoHo.

Their vision was to construct buildings that resembled Trump SoHo in Florida and Arizona. Also under the same licensing terms, leaving the Trump Organization with 18% equity in the building. This would allow Trump to be named as part of the name of the building.

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

The American real estate market was particularly affected by the recession, which led Bayrock Group to pull out and Trump Organization to rescind their plans.

The financial crisis was responsible for changing the American real market to such an degree that Tevfik Arif decided to leave his United States undertakings. He decided to go back to Europe, Central Asia.

Then he continued working in the privat sector.

Tevfik has resigned today from all of his Bayrock Group daily responsibilities. However, he continues to be a trusted consultant to Bayrock Group.

Bayrock Group has not been involved with any American real estate ventures in recent times, however it did invest in real estate properties in the United States worth $2.5million when it was active.


Homepage: https://www.crunchbase.com/organization/bayrock