Notes

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

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

Tevfik Arif Doyen https://www.greateralabamamls.com/Office/BayrockRealEstate-107915 Bayrock Group: New York's Real Estate Giant is Growing

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

The Bayrock Group's growth as a luxury real-estate development firm in the United States began long before 2001. Initially, the story begins from the other side of the globe.

Tevfik Ariff, a Turk-born native of Soviet Kazakhstan, founded Bayrock Group.

Before joining the Soviet Ministry of Commerce and Trade in the Soviet Union, Tevfik earned a degree at the Moscow Trade and Economic Institute.

He worked in the ministry for 17 years before he quit to establish his own business. Tevfik Arif Doyen Tevfik Arif's firms were in the sectors of development of luxury real estate as well as food exports and imports, among other things.

Tevfik Arif has many companies which have enabled him to gain a wide range of partners around the world. His connections led him to move to Turkey in 1993, and he was one of the spearheading powers of Turkey's popular all-inclusive hotel model.

For example, he opened the Labada Hotel Antalya, before going on to his next venture across the Atlantic two years later.

Bayrock Group is becoming more ambitious

Tevfik Arif moved to the United States in 2001 to discover new avenues of business and also to be closer to the American part of his family.

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

Bayrock Group was a small and medium-sized business that was founded in New York. Bayrock Group has redesigned the Loehmann's Seaport Plaza, Brooklyn's shopping district.

Bayrock Group was off on an impressive beginning. This led to Tevfik becoming more determined. He wanted to take on bigger projects, and altered the approach of the company to be more focused.

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

It was a move that resulted in a higher profit than any other location. The company relocated near to the Trump Organization. It was the home of the world-famous family organization.

https://www.pinterest.com/pin/359725088988546308/ Trump SoHo comes to life

Bayrock Group and Trump Organization had the same vision of luxurious real estate projects. The two companies decided to collaborate.

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

Tevfik Alif knew that bringing the Trump Organization to the project could help to increase brand recognition for the building that Bayrock Group lacked and that the Sapir Organization was lacking.

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

The agreement was reached by Bayrock Group as well as the Trump Organization (and the Sapir Organization).

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

The building was completed following two years of laborious work.

Trump SoHo is built by designers who are seasoned professionals

Trump SoHo opened in Manhattan and featured apartments, hotel rooms and upscale bars and restaurants. The building also had a swimming pool, spa and banquet halls. https://www.linkedin.com/company/bayrock From the building's floor–to-ceiling windows, hotel guests were able to take in breathtaking views of New York City.

Handel Architects was tasked with the design of the building. The firm's previous projects included created the famed National September 11th Memorial & Museum (New York City) as well as the Ritz Carlton Washington Hotel (D.C.).

Bayrock Group commissioned Rockwell Group as the interior designer.

Tevfik Arif Rockwell Group, for example has designed the Climate Pledge Arena, Seven Deadly Sins Theater in New York, and Virgin Hotel in Las Vegas.

The firm has also international experience that includes Mexico, Spain, Indonesia and Mexico.

Bayrock Group expands partnership with the Trump Organization


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

Their dream was to construct structures similar to Trump SoHo in Florida and Arizona. Trump Organization was also granted the same license terms and left with an equity of 18% in this building. This would allow Trump to be included in the name of the building.

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

The American real estate markets were particularly affected by the crisis. Bayrock Group was forced to abandon its plans, as well as Trump Organization was forced to pull out of their plans.

The financial crisis resulted in changing the American real market to such an extent that Tevfik Arif opted to end his United States undertakings. He chose to return to Europe and Central Asia.

He continued his job in the private sector.

Tevfik Alif has quit his post as Bayrock Group's chief executive officer. But, he remains a trusted advisor to Bayrock Group.

Bayrock Group has not been involved in any American real estate projects lately However, during the time it was operating the firm was investing in real estate assets that amounted to $2.5 million in the United States.



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