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.

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 was founded in Kazakhstan in 1980.

https://realtybiznews.com/what-happened-to-tevfik-arif-and-bayrock-groups-trump-soho/98760463/ Bayrock Group was established in 2001, however the story of its growth and success luxury real estate development firm located in the United States is much older than the time it was founded. At first, the story starts in a different part of the globe.

Tevfik Arif is the founder of Bayrock Group. He was born in Soviet Kazakhstan and was adopted by a Turkish family.

Before joining Soviet Ministry of Commerce and Trade Tevfik Arif received an academic degree in International Relations at the Moscow Trade and Economic Institute.

After being as a minister for 17 years, he decided to leave and start several businesses. Tevfik Arif owned several firms that dealt with luxury realty development, food exports, as well as imports.

Tevfik Arif Bayrock Tevfik Arif, through his various businesses, was able to gain a variety of foreign partners. His connections prompted him to move to Turkey in 1993. He was the key player in the development of Turkey's famous all-inclusive hotel concept.

Tevfik Arif Doyen 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 takes on more ambitious goals

Tevfik Alif relocated to the United States to seek new opportunities in business, and also to be nearer to his American family in 2001.

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

Bayrock Group started out with small-to-medium-sized jobs located in New York. Bayrock Group, for instance, remodeled Loehmann’s Seaport Plaza in Brooklyn's Sheepshead.

Bayrock Group was off on a strong start. Tevfik was more ambitious. He was looking for bigger projects and decided to change the company's strategy to concentrate on that.

https://www.linkedin.com/company/bayrock Bayrock Group moved its New York City offices to the Trump Tower on Fifth Avenue to accompany the change in strategy.

The move resulted in a higher profit than any other location. Tevfik Arif Doyen The company was located in close proximity to the Trump Organization. The building also served as home to the internationally renowned family company.

Trump SoHo is now in shape

Bayrock Group & Trump Organization have a common vision for luxurious real estate projects. They came together to form a partnership.


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

Tevfik Ariff was aware that including the Trump Organization in the project will increase the brand's recognition for the building, something that Bayrock Group and Sapir Organization did not have.

Tevfik Arif Doyen Arif made an agreement that gives the Trump Organization 18% ownership of the building, in exchange to the Trump brand's use.

The agreement was approved by the Bayrock Group, Trump Organization and Sapir Organization.

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

The building was finished after two years of hard work.

Trump SoHo is designed by designers who are seasoned professionals

Trump SoHo included apartments, the hotel's restaurant, luxurious eateries bars, lounges, a pool as well as a banquet hall, spa, and banquet rooms. Through the hotel's floor-to- ceiling windows, guests could enjoy stunning panoramas of New York City.

Handel Architects was tasked with designing the building. Bayrock The architect firm had previously created the famed National September 11th Memorial & Museum (New York City) and the Ritz Carlton Washington Hotel (D.C.).

Bayrock Group commissioned Rockwell Group as the interior designer.

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

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

Bayrock Group and the Trump Organization expand the partnership

The Trump Organization and the Bayrock Group sought to expand their relationship following the opening of Trump SoHo.

Their goal was to build structures that were like Trump SoHo, Arizona and Florida. Bayrock Also under the same licensing conditions, it would leave the Trump Organization with 18% equity in the building. It would once again permit Trump to be included in the name of the building.

Despite the two companies' ambitions they were not constructed due to the global financial crisis of 2008.

The financial crisis primarily affected the American real estate market, which resulted in the Bayrock Group and the Trump Organization to rethink their plans.

Tevfik Alif, one of the 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.

Tevfik Arif Bayrock Then he continued working in the privatization sector.

Today, Tevfik Aif has resigned from the majority of his Bayrock Group responsibilities. But, he remains an expert consultant for the company.

Bayrock Group is not currently involved in American real estate developments. But, in the past during the time during the time when the company was operating it invested in real estate assets that were valued at $2.5 million in the United States.



Website: https://www.linkedin.com/company/bayrock