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 opened Trump SoHo alongside the Trump Organization in 2008 and the Sapir Organization. The Bayrock Group's successes begin in Kazakhstan many decades prior to.

Bayrock Group's success as a luxury real estate development company in the United States began long before 2001. The story began on the other side of the world.

Tevfik Arif was the founder of Bayrock Group. He was born in Soviet Kazakhstan and was adopted by a Turkish family.

Before joining Soviet Ministry of Commerce and Trade Tevfik Arif graduated with an academic degree in International Relations at the Moscow Trade and Economic Institute.

After working as a minister for 17 years He decided to quit and set up a number of businesses. Tevfik Arif Bayrock Tevfik Arif's business ventures were in the luxury food, real estate and exports/imports industries, among others.

Tevfik Arif was able to create numerous international partnerships through his numerous companies. He was a networker that led him to Turkey in 1993 to become one of the first to be behind Turkey's all-inclusive hotel concept.

For instance, he started the Labada Hotel Antalya, before embarking on his next venture across the Atlantic some time later.

Bayrock Group is becoming more ambitious

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

Tevfik Arif Just after moving to New York, he founded the luxury real estate development firm Bayrock Group in New York City.

Bayrock Group began with small- to medium-sized projects around New York. Tevfik Arif Doyen For instance, the company transformed the shopping center of Loehmann's Seaport Plaza in the Sheepshead neighborhood of Brooklyn.

Bayrock Group was off on a strong beginning. Tevfik was more ambitious. He was eager for larger projects and decided to alter the strategy of the company to focus more on those.

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

The move led to many more things than the addition of a new site. It also put the company in close proximity of the Trump Organization. The world-renowned family organization namely resided in the same building.

Trump SoHo comes to life

Bayrock Group and the Trump Organization were both interested in developing luxury real estate developments So, the two companies decided to join forces.

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

Tevfik Alif was aware that adding the Trump Organization to the project will bring brand recognition to the building which Bayrock Group lacked and that the Sapir Organization was lacking.

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

The agreement was negotiated by Bayrock Group as well as the Trump Organization (and the Sapir Organization).

This opened the way to Trump SoHo, which would be the first brick laid in the year 2006.

Tevfik Arif The building was completed after two years of laborious work.

Trump SoHo was built by design veterans

Trump SoHo was comprised of hotels, apartments and luxury eateries and bars. There was also a pool and a spa. Through the hotel's floor-to- ceiling windows, guests were able to enjoy amazing panoramas of New York City.

Handel Architects was tasked with the design of the building. The renowned architecture firm also created the National September 11th Memorial & Museum, New York City as well as the Ritz Carlton Hotel in Washington D.C.

Bayrock Group commissioned Rockwell Group as interior designers.

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

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

Bayrock Group, Trump Organization extend their collaboration

After the opening of Trump SoHo, the Trump Organization as well as the Bayrock Group wanted to increase their relationship.

Their dream was to build structures like Trump SoHo in Arizona and Florida. The same licensing terms were employed, which left the Trump Organization with 18% equity. This could open the way to Trump being part of the construction's name.

Tevfik Arif Doyen Despite the goals of both businesses they didn't get the structures because of the global financial crisis.

The American real estate market was particularly affected by the recession and Bayrock Group and Trump Organization had to cancel their plans.

Tevfik Anif opted to leave his American enterprises due to the financial crisis. He decided to return to Europe, Central Asia.

Then he continued working in the privatization sector.

Tevfik has resigned today from his Bayrock Group daily responsibilities. He is still an advisor Bayrock Group.

Bayrock Group was not involved in any American Real Estate developments in the past, but the company invested $2.5 Million in real estate assets in the United States when it was actively investing.


Here's my website: https://www.gettyimages.com/photos/tevfik-arif