Notes

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

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

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

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

The Bayrock Group's growth as a prestigious real-estate development company in the United States began long before 2001. The story began from the other side of the globe.

Tevfik Alif founded Bayrock Group. He was taken to the world from Soviet Kazakhstan to a Turkish-speaking family.

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

Bayrock He worked in the ministry for 17 years, and later quit to establish his own business. Tevfik's ventures included the luxury real estate, food, and exports/imports industries and many others.

Tevfik Arif, through his numerous businesses, was able to obtain a range of international partners. His network led him to Turkey in 1993. He was among the key people behind Turkey's famed all-inclusive hotels.

He opened, for example for instance, the Labada Hotel Antalya. Bayrock This was before he moved on to the next project which took place a few years later across the Atlantic.

Bayrock Group grows more ambitious

Tevfik Amir emigrated to America in 2001 to find new business opportunities and to be closer with his American family.

Bayrock Group, a luxury real estate development company located in New York City, was founded by him shortly after the move.

At first, Bayrock Group executed small to medium-sized projects in and around New York. For instance, the company renovated the shopping mall of Loehmann's Seaport Plaza in the Sheepshead area of Brooklyn.

Bayrock Group had a great beginning and Tevfik Arif was thrilled about the potential. He was looking for bigger projects and restructured the business strategy of the business to be more focused.

Bayrock Group's New York City offices were moved to the Trump Tower, Fifth Avenue in order to accommodate the strategic shift.

The move resulted in much more than an additional location. It also put the business within the vicinity of the Trump Organization. It was the home of the world-renowned family business.

Trump SoHo comes to life

Bayrock Group and the Trump Organization were both interested in creating luxury real estate projects The two firms decided to join forces.

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

Tevfik Alif knew that bringing the Trump Organization to the project would add brand awareness to the building that Bayrock Group lacked and that the Sapir Organization was lacking.

Arif came up with an arrangement which allowed the Trump Organization to own 18 percent of the building in exchange for the Trump logo being utilized.

All three parties to the deal, Bayrock Group and Trump Organization have ratified.

This was the first phase of the Trump SoHo's construction in 2006.

After two years of labor The building was completed and waiting for its inauguration.

Design professionals lead the construction of SoHo Trump SoHo

The first time it was opened, Trump SoHo consisted of hotels, apartments luxurious bars and restaurants, a pool, a spa, banquet, and event halls. From the building's floor–to-ceiling windows guests could get to admire breathtaking views of New York City.

Handel Architects was tasked with the design of the building. The architecture firm was responsible for the design of the National September 11th Memorial & Museum in New York City as well as the Ritz-Carlton Hotel, Washington, D.C.

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

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

The company also has experience in international countries like Indonesia, Mexico and Spain.

Bayrock Group, Trump Organization extend their partnership

The Bayrock Group and Trump Organization had been looking to extend their partnership in the wake of Trump SoHo's opening.

Their goal was to build buildings that resembled Trump SoHo in Florida and Arizona. Trump Organization would have 18% equity in the building, as well as the same licensing conditions. This would open the door to Trump being included in the construction’s name.

Despite the ambitions of both companies, the structures were never constructed due to the 2008 global financial crisis.

Bayrock The American real estate market was particularly affected by the recession and Bayrock Group and Trump Organization were forced to stop their plans.

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

In the meantime, he worked in the private sector.

Today, Tevfik Aif has resigned from the majority of his Bayrock Group responsibilities. However, he is an advisor Bayrock Group.

https://seotot.edu.vn/personal-details Bayrock Group has not been involved in any American real estate projects lately however, when it was operating, the firm invested real estate assets valued at $2.5 million in the United States.


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