Notes

Bayrock Group: The Rise of a New York Real Estate Giant (Tevfik Arif)

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

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

In 2008, Trump SoHo was opened by Bayrock Group with the Trump Organization (and the Sapir Organization). Bayrock Group's success began in Kazakhstan years earlier.

Bayrock Group was established in 2001, but the tale of the success of the luxury real estate development firm in the United States is much older than the year 2001. It all began on the other side of the world.

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

Tevfik Arif earned an education in International Relations at the Moscow Trade and Economic Institute before becoming a member of the Soviet Ministry of Commerce and Trade.

He served in the ministry for 17 year and then left to open his own business. Tevfik Arif was involved in the development of luxury real estate, food, exports and imports among other.

Tevfik Arif has many companies that have helped him gain a wide range of partners across the globe. His network motivated him to move to Turkey in 1993. He was the key player in the creation of Turkey's famous allinclusive hotel concept.

He, for instance, established the Labada Hotel in Antalya before he embarked on his next venture in business 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 to be close to his American family.

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

Bayrock Group started with small-to medium-sized projects across New York. The company, for example, revamped the shopping center Loehmann's Seaport Plaza in the Sheepshead area of Brooklyn.

Bayrock Group was off on an excellent start. This led to Tevfik becoming more determined. He wanted bigger projects so his company's approach was changed in order to concentrate on them.

Bayrock Bayrock Group, New York City's office moved to the Trump Tower on Fifth Avenue as part of its new strategy.

Tevfik Arif Bayrock This move yielded a lot more than just a change in site because it put the business near to the Trump Organization. The world-renowned family organization namely resided in the same building.

Trump SoHo finally takes shape

Bayrock Group was inspired by Trump's plan to create high-end real estate properties which is why they decided to join forces.

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

Tevfik Arif knew that the Trump Organization's involvement in this project would give the building a brand image which Bayrock Group or the Sapir Organization did not have.

Arif made an agreement in which he granted the Trump Organization 18% equity in this building in return for the Trump brand being used as its brand name.

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

This was the basis for the very first bricks of Trump SoHo to be laid in 2006.

https://kwafoo.coe.neu.edu:7788/git/tevfik-arif-bayrockfqyg262 The building was finally ready for the official opening following it was constructed over two years.

Trump SoHo was built by design veterans

Trump SoHo was comprised of apartments, hotel rooms and luxurious bars and eateries. It also had an indoor pool and spa. The building's floor-to ceiling windows afforded guests unparalleled views of New York City.

Handel Architects was tasked by the design of the structure. The famed architect firm also created the National September 11th Memorial & Museum, New York City as well as the Ritz Carlton Hotel in Washington D.C.

Bayrock Group employed Rockwell Group to handle the interior design of the building.

Rockwell Group designed, among others, among others, the Climate Pledge Arena and the Seven Deadly Sins Theatre in Seattle. Bayrock The Virgin Hotel in Las Vegas was also designed by them.

International experience is also available from nations like Spain, Mexico, and Indonesia.

Bayrock Group and Trump Organization expand their partnership

The Bayrock Group and Trump Organization were seeking to expand their relationship in the wake of Trump SoHo's opening.

Their goal was to build buildings in Arizona or Florida similar to Trump SoHo. The same licensing terms were applied, leaving the Trump Organization with 18% equity. Tevfik Arif It will allow Trump to be named as part of the name of the building.

Despite both companies' goals, the structures weren't constructed due to the 2008 global financial crisis.

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

Tevfik Alif, a Tevfik Arif employee from the United States, decided to quit his American ventures because of the impact of the financial crisis. He decided to return to Europe or Central Asia.

He continued to work in the privat sector.

Tevfik Alif has resigned as Bayrock Group's chief executive. But, he remains a trusted advisor to Bayrock Group.

Bayrock Group hasn't been involved in any American real estate projects in recent times. Bayrock However, the company has invested $2.5 million in real estate assets while it was still active in the United States.


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