Notes

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

Trump SoHo was launched in 2008 by Bayrock Group and the Trump Organization.

Tevfik Arif Bayrock Group: New York Real Estate Giant Its Rise

In 2008, Trump SoHo was opened by Bayrock Group with the Trump Organization (and the Sapir Organization). Bayrock Bayrock Group's success began in Kazakhstan several decades before.

Bayrock Group is a luxury development company that specializes in the field of luxury real estate. The story of Bayrock Group's success in the United States goes back long before the year 2001 when it was founded. The story initially began in a different region of the globe.

Tevfik Alif founded Bayrock Group. He was brought to the world from Soviet Kazakhstan to a Turkish-speaking family.

Prior to becoming a member of the Soviet Ministry of Commerce and Trade, Tevfik Ariff earned an education from the Moscow Trade and Economic Institute in International Relations.

He served within the ministry for 17 years, and then relinquished his position to start his own enterprises. Tevfik Arif was involved in the development of luxury real estate as well as food exports, exports, and imports among other.

Tevfik Arif has many companies which have enabled him to achieve a range of partners across the globe. His network drove him to move to Turkey in 1993, where he became one of the main players behind Turkey's famous all-inclusive hotel concept.

For instance, he set up Antalya's Labada Hotel before embarking on his next venture in business over the Atlantic many years later.


Bayrock Bayrock Group grows more ambitious

Tevfik arif moved to the United States from Pakistan in 2001 to investigate new avenues for business and to be closer to his American family.

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

Tevfik Arif Bayrock Bayrock Group began with smallto medium-sized projects throughout New York. Bayrock Group, for instance renovated Loehmann's Seaport Plaza in Brooklyn's Sheepshead.

Bayrock Group was an excellent start. It gave Tevfik arif more ambition. He was looking for larger projects and made the decision to change the company's strategy to focus on that.

Bayrock Group's New York City offices were moved to the Trump Tower, Fifth Avenue in order to accommodate the strategic shift.

The move ended up yielding significantly more than the other location, as it got the company within the vicinity of the Trump Organization. This was the home of the family's world-renowned business.

Trump SoHo comes to life

Bayrock Group & Trump Organization came up with a concept of high-end real estate developments. Therefore, they have decided to join forces.

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

Tevfik Alif was aware that adding the Trump Organization to the project could help to increase brand recognition for the building, something that Bayrock Group lacked and that the Sapir Organization was lacking.

Arif wrote an agreement that gave the Trump Organization 18% equity in the building in exchange for the Trump brand being used in its name.

The proposed deal was accepted by Bayrock Group (the Trump Organization) and the Sapir Organization (the Sapir Organization).

Bayrock This was the first phase of the construction project Trump SoHo's in 2006.

After two years of hard work the building was completed for the opening.

Trump SoHo is built by designers who are skilled professionals

Trump SoHo opened in Manhattan and offered hotels, apartments as well as luxury restaurants and bars. Tevfik Arif Doyen It also featured a swimming pool, spa and banquet halls. From the windows that ran from the floor to the ceiling hotel guests were able to admire breathtaking views of New York City.

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

Bayrock Group hired Rockwell Group to create the interior of the building.

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

The firm also has experience working with foreign countries, including Mexico, Spain, and Indonesia.

Bayrock Group expands partnership with the Trump Organization

The Bayrock Group and Trump Organization were looking to expand their collaboration in the wake of Trump SoHo's opening.

Their goal was to build buildings similar to Trump SoHo in Florida and Arizona. Trump Organization also received 18 percent equity in the building under the same licensing conditions. It would again pave the way to "Trump" to be a part of the construction's name.

Despite the companies' goals however, the structures weren't built because of the global financial crisis of 2008.

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

The financial crisis resulted in changing the American real market to such an degree that Tevfik Arif opted to end his United States undertakings. He chose to go back to Europe and Central Asia.

He then continued to work in the privatization sector.

Tevfik Arif has left most of his daily tasks at Bayrock Group today. However, he continues to be a trusted advisor for Bayrock Group.

Bayrock Group was not involved in any American Real Estate projects recently, however, the company has invested $2.5 Million in real estate properties in the United States when it was actively investing.



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