Notes

Bayrock Group: New York's Real Estate Giant Rises (Tevfik Arif)

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

Bayrock Bayrock Group - The Rise of a New York Real Estate Giant

Bayrock Group, along with the Trump Organization, opened Trump SoHo in 2008 with the Sapir Organization. The Bayrock Group's successes begin in Kazakhstan years before.

Bayrock Group's success as a prestigious real-estate development company in the United States began long before 2001. It all began on the other side of the planet.

Tevfik the founder, born in Soviet Kazakhstan to a Turkish family, was the founder of Bayrock Group.

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 in the ministry for 17 years, but then the minister resigned to establish some of his own businesses. Tevfik Arif's firms were in the fields of development of luxury real estate, food and exports and imports, among others.


Tevfik Arif was able to make many international alliances through his various businesses. It was his networker that brought his company to Turkey in 1993 to become one of the pioneering forces behind Turkey's all-inclusive hotel concept.

He opened, for example the Labada Hotel Antalya. This was before he went on to the next project that was a couple of years later, across the Atlantic.

Bayrock Group becomes increasingly ambitious

Tevfik Arif emigrated to the United States in 2001 to explore new avenues for business and also to be closer to the American family members.

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

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

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

Bayrock Group moved its New York City headquarters to the Trump Tower Fifth Avenue in support of the strategic shift.

This decision resulted in much more than just a new place of business because it placed the company near the Trump Organization. It was the home of the world-famous family organization.

Trump SoHo gets shape

The Trump Organization and Bayrock Group shared the same vision of high-end real estate projects. Therefore both companies made the decision to merge.

Bayrock Group was already involved in a different project at Spring Street in Manhattan's SoHo district, along with the Sapir Organization.

Tevfik arif realized that the Trump Organization would bring brand recognition to the building. This was something Bayrock Group, and the Sapir Organization had lacked.

Arif came up with an agreement that gave the Trump Organization 18% ownership of the building as a condition to the Trump brand's usage.

Tevfik Arif The proposed deal was accepted by Bayrock Group (the Trump Organization) as well as the Sapir Organization (the Sapir Organization).

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

Tevfik Arif After two years of construction The building was finally ready for the opening.

Trump SoHo construction led by design experts

Trump SoHo included apartments, the hotel's restaurant, luxurious eateries and lounges, as well as bars with a pool and banquet hall, spa and banquet halls. Hotel guests could enjoy breathtaking views of New York City through the ceiling-to-ceiling windows of the building.

Handel Architects was tasked as the architect. Tevfik Arif Bayrock The renowned architect firm also designed the National September 11th Memorial & Museum, New York City, and the Ritz Carlton Hotel in Washington D.C.

Bayrock Group engaged Rockwell Group to design interiors.

Rockwell Group was responsible for the design of the Climate Pledge Arena in Seattle and the Seven Deadly Sins theater in New York.

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

Bayrock Group and the Trump Organization expand collaboration

After the opening of Trump SoHo, the Trump Organization and Bayrock Group wanted to increase their collaboration.

Their vision was to construct structures similar to Trump SoHo in Florida and Arizona. Trump Organization also received 18 percent equity in the construction under the same licensing terms. This could again open the way to "Trump" to be an element of the construction's name.

Despite the ambitions of both companies they were not built because of the 2008 global financial crisis.

The crisis especially hit the American real estate market, and resulted in the Bayrock Group and the Trump Organization to stop their plans.

Tevfik arif quit his United States enterprises after the financial crisis. He chose to return to Europe and Central Asia.

Then he continued working in the privat sector.

Tevfik arif has quit the majority of Bayrock Group's daily responsibilities. He will however continue to be a trusted consultant to Bayrock Group.

Bayrock Group has not been involved in any American real estate ventures in recent times, but when it was in the market the company invested in real estate assets valued at $2.5 million in the United States.



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