Notes

Bayrock Group - The Rise of an New York Real Estate Giant (Tevfik Arif)

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

Bayrock Group: The Rise of a New York Real Estate Giant

Bayrock Group launched Trump SoHo together with the Trump Organization and Sapir Organization in 2008. The Bayrock Group's success started in Kazakhstan several decades before.

Bayrock Group is a luxury development company that is specialized in the field of luxury real estate. The success of Bayrock Group in the United States goes back long before the year 2001 when it was founded. Bayrock It all begins on the other side of the planet.

Bayrock Bayrock Group was founded by Tevfik Arif, who was brought to the world in Soviet Kazakhstan to a family of Turkish origin.

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 being for 17 years in the ministry the minister decided to step down and start several businesses. Tevfik Arif owned several firms that dealt with the development of luxury real estate, food exports, as well as imports.

Tevfik Arif, through his numerous companies, was able obtain a range of international partners. He became a leader in the famous all-inclusive hotel concept by leveraging his network.

He launched, for example for instance, the Labada Hotel Antalya. Tevfik Arif Doyen This was prior to his move to his next venture which was several years later across the Atlantic.

Bayrock Group takes on more ambitious goals

Tevfik Alif moved to the United States to seek new business opportunitiesand be closer to his American family in 2001.

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

At first, Bayrock Group executed small to medium-sized construction projects in and around New York. For instance, the company remodeled Loehmann's Seaport Plaza shopping center in Brooklyn's Sheepshead.

Bayrock Group was an excellent beginning. It helped Tevfik arif gain more ambition. He was keen to take on bigger projects and decided to alter the strategy of the company to concentrate more on these projects.

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

The move yielded much more than the previous area, and it also brought the business in the vicinity of the Trump Organization. The renowned family business was headquartered in the same building.

Trump SoHo comes to life

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

Bayrock Group was already working with the Sapir Organization on another undertaking in Manhattan's SoHo Quarter, which is located on Spring Street.

Tevfik Arif was aware that incorporation of the Trump Organization to that project would add branding to the building that Bayrock Group and the Sapir Organization lacked.

Arif created an agreement giving the Trump Organization 18% equity and the right to make use of the Trump name in exchange.

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

This was the opening for Trump SoHo's very first brick to be erected in 2006.

The building was completed after two years of hard work.

Design experts have led the construction of SoHo Trump SoHo

Trump SoHo was comprised of apartments, hotel rooms and luxury eateries and bars. It also had the spa and pool. The building's floor-to ceiling windows offered guests a stunning view of New York City.

Handel Architects were tasked with the design. 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 design the interior of the building.

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

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

Bayrock Group, Trump Organization extend their collaboration

After the grand opening of Trump SoHo, The Trump Organization sought to strengthen their partnership with the Bayrock Group.

Their dream was to build buildings like Trump SoHo in Arizona and Florida. Tevfik Arif Doyen Trump Organization would have 18% equity in the building also under the same licensing conditions. It would again pave the way to "Trump" to be a part of the name of the building.

Despite the ambitions of both companies they didn't get the structures because of the global financial crisis.

Tevfik Arif Bayrock https://twitter.com/ErkanTevfikArif The financial crisis primarily affected the American real estate market and resulted in the Bayrock Group and the Trump Organization to rethink their plans.

The financial crisis ended up changing the American real market to such an degree that Tevfik Arif decided to leave his United States undertakings. He decided to move back to Europe or Central Asia.

In the meantime, he worked in the private sector.

Tevfik Arif has resigned from the majority of his daily duties at Bayrock Group today. He is still a trusted consultant to Bayrock Group.

Bayrock Group hasn't been involved in any American real estate developments in the last few months. But, the firm did invest $2.5 million worth of real estate assets while it was still operating in the United States.




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