Notes

Bayrock Group: The Rise of an New York Real Estate Giant (Tevfik Arif)

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

Tevfik Arif Doyen 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. But the story of Bayrock Group's growth begins in Kazakhstan decades before.

Bayrock Group's success as a luxury real-estate development firm in the United States began long before 2001. It all begins on the other end of the planet.

Tevfik Arif founded Bayrock Group. He was born in Soviet Kazakhstan and was adopted by a Turkish family.

Before becoming a member of the Soviet Ministry of Commerce and Trade, Tevfik Ariff earned a degree from the Moscow Trade and Economic Institute in International Relations.

He was in the ministry for 17 years later, but he quit to start some of his own businesses. Tevfik Arif owned several firms that dealt with the development of luxury real estate, food exports, as well as imports.

Bayrock Tevfik Arif's numerous businesses allowed him to draw a huge variety of international partners. The network he built led him to Turkey in 1993, where he was among the key people behind Turkey's famed all-inclusive hotels.

In the past, for instance, he opened Antalya's Labada Hotel before embarking on his next venture across the Atlantic several years later.

Bayrock Group is becoming more ambitious

Tevfik arif moved to the United States from Pakistan in 2001 to pursue new avenues for business and to be closer his American family.

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

Bayrock Group was a small and medium-sized firm that started in New York. Bayrock Group revamped Loehmann’s Seaport Plaza, Brooklyn's shopping district.

Bayrock Group was an excellent start. It gave Tevfik arif more motivation. He wanted bigger projects and restructured the business strategy of the company to focus it on its core business.

Bayrock Group moved its New York City offices to the Trump Tower on Fifth Avenue to coincide with the change in strategy.

This move yielded a lot more than just a new place of business because it placed the company close to the Trump Organization. The world-renowned family company was housed in the same structure.

Tevfik Arif Trump SoHo is now in good shape

Bayrock Group and Trump Organization have the same goals for luxury real-estate projects. The two companies decided to join forces.

Bayrock Group was already working on another project for Spring Street in Manhattan's SoHo quarter, in conjunction with the Sapir Organization.

Tevfik Ariff was aware that incorporating the Trump Organization in the project would increase brand awareness for the building which Bayrock Group and Sapir Organization didn't have.

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

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

That paved the way for the very first brick of what would become Trump SoHo to be laid in the year 2006.

The building was completed following two years of laborious work.

Trump SoHo is designed by designers who are seasoned professionals

At the time of its opening, Trump SoHo consisted of hotels, apartments as well as luxury bars and restaurants as well as a pool, spa, banquet, and event spaces. Hotel guests had unbeatable views of New York City through the ceiling-to-ceiling windows of the building.

Handel Architects was tasked by the design of the structure. The famous architect firm has also developed the National September 11th Memorial & Museum as well as the Ritz Hotel Carlton in Washington, D.C.

Bayrock Group engaged Rockwell Group to design interiors.

Rockwell Group designed, among others, the Climate Pledge Arena and Seven Deadly Sins Theatre in Seattle. The Virgin Hotel in Las Vegas was also designed by them.

The company has also international experience, including from Mexico, Spain, Indonesia, and Mexico.

Bayrock Group and the Trump Organization expand the partnership

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

Their goal was to construct structures similar to Trump SoHo in Arizona and Florida. Trump Organization also received 18 percent equity in the building under the same licensing terms. This would allow Trump to be added in the building's name.

Tevfik Arif Doyen Despite the ambitions and plans of the companies they could not be constructed due to the global economic crisis of 2008.

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

Tevfik arif resigned from his United States enterprises after the financial crisis. https://www.crunchbase.com/organization/bayrock He decided to go back to Europe, Central Asia.

He then continued to work in the privatization sector.

Tevfik has resigned today from all of his Bayrock Group daily responsibilities. Tevfik Arif Bayrock He is still a trusted advisor to Bayrock Group.

Bayrock Group has not been involved in any American real estate projects lately however, when it was active the company invested in real estate assets valued at $2.5 million in the United States.


Read More: https://sparebusiness.com/donald-trump-and-tevfik-arif-invest-in-turkish-real-estate/