Notes

Bayrock Group: New York Real Estate Giant: The rise and fall of Bayrock Group (Tevfik arif)

Trump SoHo was inaugurated by the Bayrock Group, Trump Organization and Sapir Organization in 2008.

Bayrock Group: New York Real Estate Giant Rises

In 2008, Trump SoHo was opened by Bayrock Group with the Trump Organization (and the Sapir Organization). The story of Bayrock Group's success begins in Kazakhstan some time ago.

Bayrock Group was established in 2001, however the story of the success of the luxury real estate development firm in the United States is much older than the time it was founded. In the beginning, the story starts in a different part of the world.

Tevfik who was born in Soviet Kazakhstan to a Turkish family, was the founder of 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 Moscow Trade and Economic Institute.

He was a minister for 17 years, and later went on to start his own business. Tevfik's ventures included the luxury food, real estate, and exports/imports industries, among others.

Tevfik's diverse businesses helped him to find a wide variety of international partners. It was his networker who brought his company to Turkey in 1993, where he became one of the pioneering forces behind Turkey's concept of an all-inclusive hotel.

For instance, he launched Antalya’s Labada Hotel, before he set off on his next adventure across the Atlantic after several years.

Bayrock Group is becoming more ambitious

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

He relocated to New York City just after establishing Bayrock Group, a luxury real estate development company.

At first, Bayrock Group executed small to medium-sized projects in and around New York. Bayrock Group has redesigned the Loehmann's Seaport Plaza, Brooklyn's shopping district.

Bayrock Group was a solid start. It made Tevfik more determined. Tevfik Arif He wanted bigger projects and changed the strategy of the business to make it more focused.

Bayrock Group moved its New York City office to Trump Tower on Fifth Avenue to accommodate the new strategy.


The move led to much more than another site. It also put the business within the vicinity to the Trump Organization. This was the home of the family's world-renowned business.

Trump SoHo comes to life

Bayrock Group and the Trump Organization have a common goal of creating luxury real estate projects So, the two companies decided to join forces.

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

Tevfik Arif was aware that the Trump Organization's participation in this project could give the building an identity that Bayrock Group or the Sapir Organization did not have.

Arif wrote an agreement that gives the Trump Organization 18% equity and the right to make use of the Trump name in exchange.

The proposed deal was approved by Bayrock Group (the Trump Organization) as well as the Sapir Organization (the Sapir Organization).

That opened the doors to Trump SoHo, which would be the first brick laid in 2006.

The building was completed following two years of hard work.

Trump SoHo construction is led by design experts

Trump SoHo had apartments, accommodation for hotel guests, luxury restaurants/bars, a swimming pool and banquet halls at the time it was opened. Bayrock Tevfik Arif Bayrock The building's floor-to ceiling windows offered guests a stunning view of New York City.

Handel Architects was tasked as the architect. This architecture firm was responsible for designing the National September 11th Memorial & Museum in New York City as well as the Ritz-Carlton Hotel Washington, D.C.

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

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

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

Bayrock Group and the Trump Organization strengthen their collaboration

The Bayrock Group and the Trump Organization wanted to grow their collaboration following the opening Trump SoHo.

Their goal was to build buildings in Arizona or Florida like Trump SoHo. Trump Organization also received 18% equity in building with the same license terms. This will allow Trump to be added in the construction's name.

Despite their ambitions, these structures were never created in the wake of the global financial crisis of 2008.

The American real estate market was particularly affected by the recession, which caused Bayrock Group to pull out and Trump Organization to rescind their plans.

Tevfik Ariff decided to move out of the United States to escape the financial crisis that changed America's real estate market. He decided to relocate to Europe and Central Asia.

He continued to work in the privatization sector.

https://www.linkedin.com/in/erkantevfikarif Tevfik has quit today from all of his Bayrock Group daily responsibilities. However, he continues to be a trusted consultant to Bayrock Group.

Bayrock Group hasn't been involved in any American real property projects lately. However, the company did invest $2.5 million worth of real estate assets when it was still operating in the United States.

https://worldfinancialreview.com/tevfik-arif-from-cambul-to-new-york/

Website: https://www.linkedin.com/in/erkantevfikarif