Notes

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

Bayrock Group, the Trump Organization and the Sapir Organization inaugurated Trump SoHo in 2008.

Bayrock Group, The Rise of New York Real Estate Giant

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

Bayrock Group's success as a luxury real estate development company in the United States began long before 2001. At first, the story starts in a different part of the world.

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

Prior to becoming a member of the Soviet Ministry of Commerce and Trade (Soviet Ministry of Commerce and Trade), Tevfik received a diploma in International Relations from Moscow Trade and Economic Institute.

After 17 years in the ministry, he decided to establish his own company. Tevfik Arif had several businesses, including ones in luxury real-estate development food, exports, or imports.

Tevfik Arif Bayrock Due to his numerous businesses, Tevfik Arif acquired a large number of partners across the world. He was a networker that brought him to Turkey in 1993 and became one of the first to be behind Turkey's all-inclusive hotel concept.


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

Bayrock Group becomes increasingly ambitious

Tevfik Amir moved into America in 2001 to explore new business opportunities and to be closer with his American family.

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

Bayrock Group started with small-to medium-sized projects in New York. Bayrock Group has redesigned the Loehmann's Seaport Plaza, Brooklyn's shopping district.

Bayrock Group was an excellent beginning. It helped Tevfik arif gain more ambition. He was keen to tackle larger projects, and which is why it was his decision to shift the company's focus to this.

Bayrock Group's New York City offices were moved to the Trump Tower, Fifth Avenue, to accommodate the strategy change.

The move resulted in a lot more than just a change in site because it put the business near to the Trump Organization. It also housed to the internationally renowned family company.

Trump SoHo is now in shape

Bayrock Group & Trump Organization shared a vision of luxurious real estate projects. Therefore, they came together to form a partnership.

Bayrock Group was already collaborating with the Sapir Organization to complete another project in Spring Street, Manhattan's SoHo quarter.

Tevfik Arif knew that the inclusion of the Trump Organization to that project would add branding to the building, something that Bayrock Group and the Sapir Organization did not have.

Arif created an agreement which allowed the Trump Organization to own 18% of the building, in exchange for the Trump logo being utilized.

All three parties in the agreement, Bayrock Group and Trump Organization, agreed.

This opened the way to Trump SoHo, which would be the first brick laid in the year 2006.

The building was completed after two years of laborious work.

Trump SoHo construction led by experts in design

Trump SoHo was comprised of rooms, apartments as well as luxury bars and restaurants. The building also featured a pool and a spa. Through the floor-to-ceiling windows, hotel guests were able to take in breathtaking views of New York City.

https://www.bisnow.com/tags/bayrock-group https://www.sutori.com/item/tevfik-arif-was-born-tofic-arifov-in-cambul-in-the-kazakh-soviet-socialist-repub Handel Architects was tasked to create the building. Bayrock The famous architectural firm also designed the National September 11th Memorial & Museum and the Ritz the Carlton Hotel located in Washington, D.C.

Bayrock Group engaged Rockwell Group for interior design.

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

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

Bayrock Group and the Trump Organization expand partnership

Following the launch of Trump SoHo, the Trump Organization and Bayrock Group wanted to increase their relationship.

Their goal was to build structures in Arizona and Florida that looked like Trump SoHo. Trump Organization also received 18 percent equity in the construction with the same license terms. It would again pave the way to "Trump" to be part of the name of the building.

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

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

Tevfik Arif Tevfik Ariff made the decision to move out of the United States to escape the economic crisis that had altered the real estate market in America. He chose to return to Europe and Central Asia.

In the meantime, he worked in the private sector.

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

Bayrock Group hasn't been involved in any American real property projects lately. But, the firm has invested $2.5 million in real estate properties when it was still operating in the United States.



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