Notes

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

Trump SoHo was created by Bayrock Group, Trump Organization, and the Sapir Organization.

Bayrock Group, The Rise of New York Real Estate Giant

Bayrock Group opened Trump SoHo along with the Trump Organization and the Sapir Organization in 2008. Bayrock Group's successes began in Kazakhstan several decades before.

Bayrock Group, a luxury real estate developer in the United States, has a long and rich history dating back to 2001 , when the company was founded. The story begins at the other side of the globe.

Tevfik Alif is the founder of Bayrock Group. He was brought to the world from Soviet Kazakhstan to a Turkish-speaking family.

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 was within the ministry for 17 years before after that he resigned to create a number of his own enterprises. Tevfik Arif owned several firms that were involved in high-end real estate development, food exports, and imports.

Tevfik Arif was able to establish many international partnerships through his numerous businesses. Tevfik Arif Doyen He was the leader in Turkey's famous all inclusive hotel model through his network.

In the past, for instance, he set up Antalya's Labada Hotel before embarking on his next business venture over the Atlantic several years later.

Bayrock Group grows more ambitious

Tevfik Amir came to America in 2001 in search of new business opportunities and to be closer with his American family.

After he moved to the United States, he started the development company for luxury real estate Bayrock Group in New York City.

Bayrock Group began with smallto medium-sized projects throughout New York. Tevfik Arif Bayrock For instance, Bayrock Group renovated Loehmann's Seaport Plaza at Sheepshead in Brooklyn.

Bayrock Group was a solid start. It made Tevfik more ambitious. He was looking for bigger projects, so he changed the company's strategy in order to concentrate on these projects.

Tevfik Arif Bayrock Bayrock Group, New York City's office has moved to Trump Tower on Fifth Avenue in line with its new strategy.

The move brought about many more things than the addition of a new location. It also placed the company in close proximity of the Trump Organization. The world-renowned family organization namely was located in the same building.

Trump SoHo finally takes shape

The Trump Organization and Bayrock Group had the same vision for high-end real estate projects. Thus, the two companies have decided to join forces.

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

Tevfik Arif was aware that the addition of the Trump Organization to that project will bring branding to the building, something that Bayrock Group and the Sapir Organization were lacking.

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

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

This set the stage for the first bricks of what would become Trump SoHo to be laid in 2006.

The structure was completed to be officially opened after being built over two years.

Bayrock Trump SoHo is built by designers who are experienced professionals

The first time it was opened, Trump SoHo consisted of apartments, hotel rooms, luxury eateries and bars, a pool, a banquet hall, spa and event halls. The windows that ran from floor to ceiling allowed guests to enjoy unbeatable views of New York City.

Bayrock Handel Architects was tasked to create the structure. The famous architect firm has also designed the National September 11th Memorial & Museum and the Ritz the Carlton Hotel located in Washington, D.C.

Bayrock Group hired Rockwell Group for the interior design.

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

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

Bayrock Group and Trump Organization expand their partnership

The Bayrock Group and the Trump Organization were looking to expand their partnership after the opening Trump SoHo.

Bayrock Their vision was to design structures in Arizona and Florida that resembled Trump SoHo. Also under the same licensing terms, leaving the Trump Organization with 18% equity in the building. This will permit Trump to be added in the construction's name.

Despite the hopes and plans of the companies however, the structures couldn't be constructed due to the 2008 global economic crisis.

The American real estate market was particularly hard hit by the financial crisis. https://realtybiznews.com/how-bayrock-group-conquered-new-york-city/98761810/ https://www.bisnow.com/tags/bayrock-group Bayrock Group was forced to abandon plans as well as Trump Organization was forced to pull out of their plans.

The financial crisis ended up altering the American real market to such an degree that Tevfik Arif decided to leave his United States undertakings. He decided to move to Europe and Central Asia.

He moved into the private sector, and continued his employment.

Tevfik Arif has resigned from most of his day-to-day tasks for Bayrock Group today. But, he remains an expert consultant for the company.

https://www.bizjournals.com/sanfrancisco/news/2021/10/28/walnut-creek-dmv-bayrock-units.html Bayrock Group has not been involved in any American real estate developments in the last few months, but when it was operating the company invested in real estate assets worth $2.5 million in the United States.




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