Notes

Bayrock Group, The Rise of New York Real Estate Giants (Tevfik Arif)

Trump SoHo was opened by Bayrock Group in 2008, along with the Trump Organization (the Trump Organization) as well as the Sapir Organization.

Bayrock Group, The Rise of New York Real Estate Giant

Bayrock Group launched Trump SoHo together with the Trump Organization and Sapir Organization in 2008. However, the story of Bayrock Group's growth begins in Kazakhstan several decades prior to that.

The story of the luxury real estate development firm Bayrock Group's growth in the United States begins long before the year 2001, when the company was founded. In the beginning, the story starts on the other side the world.

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

Before becoming a member of 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 within the ministry for 17 years before then relinquished his position to start his own enterprises. Tevfik's ventures included the luxury food, real estate, and exports/imports sectors and many others.

Tevfik's diverse businesses helped him to draw a huge number of foreign partners. He was a networker who brought him to Turkey in 1993 to become one of the pioneering factors behind Turkey's all-inclusive hotel concept.

For instance, he opened the Labada Hotel in Antalya before the start of his next venture across the Atlantic some years afterward.

Bayrock Group is becoming more ambitious

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

Bayrock Group was established in New York City shortly after the move of the founder.

Bayrock Group started out with small - to medium-sized projects located in New York. https://www.f6s.com/tevfikarifbayrock9 For instance, the company revamped the Loehmann's Seaport Plaza shopping center in Brooklyn's Sheepshead.


Bayrock Group was off on a strong start. This led to Tevfik becoming more ambitious. He was looking for bigger projects, so his company's approach was changed to focus on them.

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

The move yielded substantially more than another site, since it landed the business within the vicinity of the Trump Organization. It also housed to the internationally renowned family company.

Tevfik Arif Trump SoHo finally takes shape

Bayrock Group & Trump Organization shared a vision of luxurious real estate projects. They decided to combine forces.

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

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

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 accepted by the Bayrock Group, Trump Organization and the Sapir Organization.

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

The building was finally ready to be officially opened after it was constructed over the course of two years.

Tevfik Arif Doyen Trump SoHo was constructed by design professionals

Trump SoHo had apartments, accommodation for hotel guests, luxury restaurants/bars, a swimming pool and banquet halls at the time it was opened. The building's floor-to ceiling windows afforded guests unparalleled views 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 Bayrock Group employed Rockwell Group to handle the design and 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 with international countries such as Mexico, Spain, and Indonesia.

Bayrock Group, Trump Organization expand their partnership

Following the opening of Trump SoHo, the Trump Organization as well as the Bayrock Group wanted to increase their relationship.

The dream of the founders was to construct new buildings in Arizona or Florida like Trump SoHo. Trump Organization also received 18% equity in building under the same licensing conditions. This will permit Trump to be included in the building's name.

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

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

Tevfik Alif, an Tevfik Arif employee from the United States, decided to quit his American ventures because of the impact of the economic crisis. He decided to go back to Europe, Central Asia.

There, he continued working in the private sector.

https://www.bocaratontribune.com/bocaratonnews/2021/08/public-to-private-sector-how-tevfik-arif-successfully-changed-his-path/ This morning, Tevfik Aif has resigned from most of his Bayrock Group responsibilities. However, he is an advisor Bayrock Group.

Bayrock Group has not been involved in any American real estate projects in recent times, however it did invest in real property assets in the United States worth $2.5million when it was in operation.



Website: https://www.talk-business.co.uk/2020/12/17/explained-what-happened-to-tevfik-arif-and-bayrock-group/