Notes

Bayrock Group: New York's Real Estate Giant Rises (Tevfik Arif)

Trump SoHo was created by Bayrock Group, Trump Organization as well as the Sapir Organization.

Bayrock Group: New York Real Estate Giant Its Rise

Bayrock Group, along with the Trump Organization, opened Trump SoHo in 2008, along with the Sapir Organization. Bayrock Group's success begins in Kazakhstan years before.

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

Bayrock Tevfik Ariff, a Turkish-born native of Soviet Kazakhstan, founded Bayrock Group.

Before joining the Soviet Ministry of Commerce and Trade (Soviet Ministry of Commerce and Trade), Tevfik received a diploma in International Relations from the Moscow Trade and Economic Institute.

After being as a minister for 17 years, he decided to leave and set up a number of businesses. The firms of Tevfik arif were in the sectors of luxury real estate development exports, food and imports, among other things.

Tevfik Arif's many businesses enabled him to draw a huge number of foreign partners. The network he built led him to relocate to Turkey in 1993, and he was one of the main players behind Turkey's famous all-inclusive hotel concept.

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

Tevfik Arif Bayrock Bayrock Group grows more ambitious

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

After moving, he established the company for the development of luxury real estate called Bayrock Group in New York City.

At first, Bayrock Group executed small to medium-sized construction projects in and around New York. Bayrock Group, for example revamped Loehmann's Seaport Plaza in Brooklyn's Sheepshead.

Bayrock Group had a great start and Tevfik Arif was thrilled by the possibilities. He wanted to work on bigger projects, so he made the decision to shift the company's focus on that.

Bayrock Group moved its New York City headquarters to Trump Tower Fifth Avenue in favor of the shift in strategic direction.

The move resulted in a lot more than just an additional place. It also put the company in close proximity to the Trump Organization. It was home to the world-famous family organization.

Trump SoHo finally takes shape

Bayrock Group and Trump Organization have the same goals for luxurious real estate projects. The two companies decided to collaborate.

Tevfik Arif Doyen Bayrock Group was already working on another undertaking on Spring Street in Manhattan's SoHo quarter with the Sapir Organization.

Tevfik Alif was aware that adding the Trump Organization to the project would add brand awareness to the building, something that Bayrock Group lacked and that the Sapir Organization was lacking.

Arif made an agreement that gives the Trump Organization 18% ownership in the building in return to the Trump brand's usage.

Bayrock Group, the Trump Organization and the Sapir Organization all agreed to the proposed deal.

That was the foundation for the very first bricks of Trump SoHo to be laid in the year 2006.

After two years of hard work The building was completed and awaiting its official opening.

Trump SoHo is built by designers who are skilled professionals

Trump SoHo had apartments, accommodation for hotel guests, luxury restaurants/bars, a swimming pool and banquet halls when it opened. The guests of the hotel enjoyed unbeatable perspectives of New York City from the ceiling-to-ceiling windows.

Handel Architects was tasked by the design of the construction. The firm's architecture team had designed the renowned National September 11th Memorial & Museum in New York City and the Ritz-Carlton Hotel in Washington, D.C.

Bayrock Group hired Rockwell Group, to handle the interior design.

Rockwell Group has, for instance created for instance, the Climate Pledge Arena in Seattle, the Seven Deadly Sins Theater in New York and the Virgin Hotel in Las Vegas.

In addition, the company has extensive experience abroad in countries such as Spain and Mexico.

Bayrock Group expands partnership with the Trump Organization

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

The dream of the founders was to construct buildings in Arizona or Florida similar to Trump SoHo. Trump Organization also received 18 percent equity in the building under the same licensing terms. It will permit Trump to be included as part of the building's name.

Tevfik Arif Doyen Despite their goals, these structures were never created by the global financial crisis of 2008.

The financial crisis primarily affected the American real estate market, which consequently, forced Bayrock Group and the Trump Organization to abandon their plans.

Tevfik Alif, one of the Tevfik Arif employee in the United States, decided to end his American ventures because of the impact of the financial crisis. He chose to move to Europe and Central Asia.

Bayrock He was transferred to the private sector and continued to work.

Tevfik has announced his resignation from his Bayrock Group daily responsibilities. But, he remains a respected consultant to the company.

Tevfik Arif Bayrock Bayrock Group has not been involved in any American real estate developments in the last few months however, when it was operating, the firm invested real estate assets that amounted to $2.5 million in the United States.




Homepage: https://www.bocaratontribune.com/bocaratonnews/2021/08/public-to-private-sector-how-tevfik-arif-successfully-changed-his-path/