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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.

Tevfik Arif 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. Bayrock Group's success begins in Kazakhstan years before.

The story of the luxurious real estate development company Bayrock Group's success in the United States begins long before the firm's founding in 2001. The story begins at the other end of the globe.

Tevfik Alif is the founder of Bayrock Group. He was born in Soviet Kazakhstan to a Turkish-speaking family.

Before joining the Soviet Ministry of Commerce and Trade in the Soviet Union, Tevfik earned a degree at the Moscow Trade and Economic Institute.

After serving as a minister for 17 years, he decided to leave and set up a number of businesses. Tevfik Arif was involved in development of luxury real estate foods, exports, food and imports among others.

Tevfik Arif's many businesses enabled him to draw a huge variety of foreign partners. His network brought him to Turkey in 1993 where he was among the key figures behind Turkey's famous all-inclusive hotels.

In the past, for instance, he launched Antalya's Labada Hotel before embarking on his next venture across the Atlantic some years later.

Bayrock Group takes on more ambitious goals

Tevfik Arif emigrated to the United States in 2001 to explore new opportunities in business and to be close to his American family.

Bayrock Group, a luxury development firm for real estate located in New York City, was established by him shortly after the move.

Bayrock Group started out with small to medium-sized jobs located in New York. Bayrock Group, as an example renovated Loehmann's Seaport Plaza in Brooklyn's Sheepshead.

Tevfik Arif Doyen Bayrock Group was an excellent start. It allowed Tevfik Arif more ambition. He was keen to take on bigger projects and decided to modify the business's strategy to be more focused on these projects.

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

This decision resulted in much more than a different site because it put the business near to the Trump Organization. The well-known family business was located in the same building.

Trump SoHo gets shape

Bayrock Group and the Trump Organization have a common goal of building luxury real estate projects The two firms came together to form a partnership.

Bayrock Group was already involved in a different project at Spring Street in Manhattan's SoHo district, along with the Sapir Organization.

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

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

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

This opened the way for the very first brick of what would later become Trump SoHo to be laid in 2006.

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

Trump SoHo is designed by designers who are experienced professionals

At the time of its opening, Trump SoHo consisted of apartments, hotel rooms, luxury eateries and bars, a pool, a banquet hall, spa and event spaces. From the building's floor–to-ceiling windows hotel guests were able to enjoy unparalleled views over New York City.

Handel Architects was tasked to create the structure. Tevfik Arif The renowned architecture firm also designed the National September 11th Memorial & Museum, New York City and the Ritz Carlton Hotel in Washington D.C.

Bayrock Group hired Rockwell Group to create 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 theatre in New York.

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

Bayrock Group and Trump Organization extend their partnership

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

The dream of the owners was to create constructions that resembled Trump SoHo, Arizona and Florida. Trump Organization was also granted the same license terms and was given 18% equity in the construction. Bayrock This would allow Trump to be included in the name of the building.

Despite the companies' goals, the structures were never built because of the global financial crisis of 2008.

The American real estate market was especially hard hit by the financial crisis. Bayrock Group was forced to abandon its plans, as well as Trump Organization was forced to withdraw their plans.

Tevfik Ariff made the choice to leave the United States to escape the financial crisis that had reshaped America's real estate market. He decided to move to Europe and Central Asia.

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

Tevfik Alif has resigned as the Bayrock Group's chief executive. He remains a trusted consultant to Bayrock Group.

Bayrock Group has not been involved in any American real estate developments in the last few months, but when it was in the market the firm was investing in real estate assets valued at $2.5 million in the United States.


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