Notes

Bayrock Group: New York Real Estate Giant The rise and fall of Bayrock Group (Tevfik arif)

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

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

Bayrock Group opened Trump SoHo along with the Trump Organization and the Sapir Organization in the year 2008. The Bayrock Group's story of success began in Kazakhstan several decades ago.

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

Tevfik, who was born in Soviet Kazakhstan to a Turkish family, founded Bayrock Group.

Prior to joining the Soviet Ministry of Commerce and Trade Tevfik Arif earned an education in International Relations at the Moscow Trade and Economic Institute.

After being in the ministry for 17-years, he decided to leave and set up a number of businesses. Tevfik Arif had several businesses, including ones in luxury real-estate development food, exports, or imports.

Through his various companies, Tevfik Arif acquired a wide array of worldwide partners. His connections led him to Turkey in 1993 where he was among the key figures behind Turkey's famous all-inclusive hotels.

He, for instance, founded the Labada Hotel in Antalya before the start of his next venture in business across the Atlantic some years afterward.

Bayrock Group is becoming more ambitious

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

Bayrock Group was established in New York City shortly after his move to New York.

Bayrock Group started with small-to medium-sized projects across New York. For instance, the firm renovated Loehmann's Seaport Plaza shopping center in Brooklyn's Sheepshead.

Tevfik Arif Bayrock Bayrock Group was a solid beginning. It made Tevfik more driven. He longed for bigger projects , and decided to modify the business's approach to focus on that.

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

https://realtybiznews.com/what-happened-to-tevfik-arif-and-bayrock-groups-trump-soho/98760463/ https://www.bayrock-capital.com/ The move was more effective than moving to another site since the company located itself within the vicinity of Trump Organization. The building was also home to the internationally recognized family business.

Trump SoHo gets shape

Bayrock Group and Trump Organization had the same vision of luxurious real estate projects. Both companies agreed that they would 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 knew that the inclusion of the Trump Organization to that project will bring brand recognition to the building that Bayrock Group and the Sapir Organization lacked.

Arif signed an agreement that granted the Trump Organization 18% equity in this building , in exchange for the Trump brand being used in its name.

The proposed deal was accepted by Bayrock Group (the Trump Organization) and the Sapir Organization (the Sapir Organization).

This opened the way for the very first brick of what would become Trump SoHo to be laid in 2006.

After two years of labor The building was completed and was awaiting its opening.

Bayrock Trump SoHo was constructed by design experts

Trump SoHo included apartments, the hotel's restaurant, luxurious eateries and lounges, as well as bars, a pool and restaurant, spa and banquet rooms. Hotel guests had unbeatable perspectives of New York City through the building's floor-to-ceiling windows.

Handel Architects were tasked with the design. The architecture firm had recently created the world-renowned National September 11th Memorial & Museum in New York City and the Ritz-Carlton Hotel in Washington, D.C.

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

Rockwell Group was responsible for the design of the Climate Pledge Arena in Seattle as well as the Seven Deadly Sins theatre in New York.

The company also has experience with international countries such as Mexico, Spain, and Indonesia.

Bayrock Group and the Trump Organization extend their partnership

The Bayrock Group and the Trump Organization wanted to grow their partnership after the opening Trump SoHo.

Their dream was to build structures similar to Trump SoHo in Arizona and Florida. Also under the same licensing terms, leaving the Trump Organization with 18% equity in the building. This could open the way to Trump being named in the building's name.

Tevfik Arif Despite the companies' goals however, the structures weren't completed due to the 2008 global financial crisis.

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

Tevfik Alif, one of the Tevfik Arif employee from the United States, decided to quit his American ventures due to the effects of the financial crisis. He decided to return to Europe or Central Asia.

He continued to work in the privat sector.

Tevfik arif has left his majority of Bayrock Group's day-to-day responsibilities. However, he is an advisor Bayrock Group.

Bayrock Group was not involved in any American Real Estate projects Recently, however, the company made an investment of $2.5 Million in real estate properties in the United States when it was actively investing.



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