Notes

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

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

Bayrock Group: New York's Real Estate Giant is Growing

Bayrock Group opened Trump SoHo along with the Trump Organization and the Sapir Organization in 2008. Bayrock Group was founded in Kazakhstan in 1980.

Bayrock Group's success as a prestigious real-estate development company in the United States began long before 2001. In the beginning, the story began in a different region of the globe.

Bayrock Tevfik Ariff, a Turk-born Immigrant from Soviet Kazakhstan, founded Bayrock Group.

Tevfik Arif received a degree in International Relations at the Moscow Trade and Economic Institute prior to joining the Soviet Ministry of Commerce and Trade.

After working for 17 years in the ministry the minister decided to step down and start several businesses. Tevfik Arif owned several firms that were involved in luxury realty development as well as food exports and imports.

Tevfik Arif's numerous businesses allowed him to draw a huge number of foreign partners. His network drove him to move to Turkey in 1993, where he became one of the spearheading powers behind the country's famous all-inclusive hotel concept.

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

Bayrock Group gets more ambitious

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

Bayrock Group, a luxury real estate development company located in New York City, was established by him shortly after he moved.

In the beginning, Bayrock Group executed small to medium-sized projects in and around New York. Tevfik Arif Bayrock Group, for instance revamped Loehmann's Seaport Plaza in Brooklyn's Sheepshead.

Bayrock Group had a great start and Tevfik Arif was excited about the possibilities. He was seeking bigger projects and he changed the strategy of the company to focus on these projects.

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

This move yielded significantly more than any other site. The company relocated near to the Trump Organization. The building was also home to the world-renowned family company.

Trump SoHo is now in good shape

Bayrock Group and Trump Organization have the same goals for luxurious real estate projects. The two firms decided to join forces.

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


Tevfik Arif was aware that the Trump Organization's participation in this project would give the building a brand identity which Bayrock Group or the Sapir Organization didn't have.

Arif wrote an agreement that grants the Trump Organization 18% equity in the building in exchange for usage of the Trump brand name in its name.

Bayrock The deal was agreed upon by Bayrock Group as well as the Trump Organization (and the Sapir Organization).

That was the foundation for Trump SoHo's first brick to be laid in 2006.

After two years of hard work, the building was ready for its inauguration.

Tevfik Arif Trump SoHo construction led by design experts

When it opened, Trump SoHo consisted of apartments, hotel rooms luxurious bars and restaurants as well as a pool, spa, banquet, and event halls. Hotel guests had unbeatable perspectives of New York City through the glass ceilings of the hotel.

Handel Architects was tasked as the architect. The architectural firm previously developed the famous National September 11th Memorial & Museum (New York City) and the Ritz Carlton Washington Hotel (D.C.).

Bayrock Group commissioned Rockwell Group as their interior designer.

Rockwell Group is responsible for the design of, among others the Climate Pledge Arena (Seattle) and the Seven Deadly Sins Playhouse in New York, as well as the Virgin Hotel in Las Vegas.

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

Bayrock Group, Trump Organization strengthen their collaboration

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

Their goal was to build structures similar to Trump SoHo in Florida and Arizona. Also under the same licensing terms, leaving the Trump Organization with 18% equity in the building. This would also pave the way for "Trump" to be a an element of the construction's name.

Despite the ambitions of both companies, the structures were not built due to 2008 global financial crisis.

The American real property market was especially affected by the crisis and Bayrock Group and Trump Organization had to cancel their plans.

Tevfik Alif, an Tevfik Arif employee from the United States, decided to quit his American ventures due to the effects of the economic crisis. He chose to return to Europe and Central Asia.

He continued to work in the private sector.

Tevfik Arif Bayrock This morning, Tevfik Aif has resigned from most of his Bayrock Group responsibilities. However, he is a trusted advisor to Bayrock Group.

Bayrock Group is not currently involved in American real estate ventures. However, during the time when the company was operating it was investing in real estate assets valued at $2.5 million in the United States.



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