Notes

Bayrock Group - The Rise of a New York Real Estate Giant (Tevfik Arif)

Trump SoHo was opened by Bayrock Group in 2008, along with the Trump Organization (the Trump Organization) and the Sapir Organization.

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

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

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 established. Initially, the story begins on the other side the globe.

Bayrock Group was founded by Tevfik Arif who was brought to the world in Soviet Kazakhstan to a family of Turkish origin.

Tevfik Arif graduated with a degree in International Relations from the Moscow Trade and Economic Institute before becoming a member of the Soviet Ministry of Commerce and Trade.

After 17 years with the ministry, he decided to create his own business. Tevfik Arif owned several firms that dealt with the development of luxury real estate as well as food exports and imports.

Tevfik Arif was able to create numerous international partnerships through his many companies. Tevfik Arif Doyen His network motivated him to relocate to Turkey in 1993. Arif was instrumental in the creation of Turkey's famous allinclusive hotel concept.

Bayrock He also opened, for instance for instance, the Labada Hotel Antalya. This was before he moved on to his next venture which was several years later, across the Atlantic.

Bayrock Group takes on more ambitious goals

Tevfik Arif moved to the United States in 2001 to pursue new business opportunities as well as be close to his American family.

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

Bayrock Group began with smallto medium-sized projects throughout New York. Bayrock Group, for example revamped Loehmann's Seaport Plaza in Brooklyn's Sheepshead.

Bayrock Group was off on an impressive start. This made Tevfik even more ambitious. He was looking forward to bigger projects and decided that he would alter the strategy of the company to concentrate more on these projects.

Tevfik Arif Bayrock Group moved its New York City offices to the Trump Tower on Fifth Avenue to accommodate the new strategy.

The move resulted in many more things than another site. It also placed the company within close proximity to the Trump Organization. The family-respected organization was headquartered in the same building.

Trump SoHo comes to life

Bayrock Group was inspired by the Trump Organization's vision to create high-end real estate properties and so they decided to join forces.

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

Tevfik Arif was aware the Trump Organization's involvement in this project could give the building a brand identity that Bayrock Group or the Sapir Organization didn't have.

Tevfik Arif Bayrock Arif wrote an agreement that gave the Trump Organization 18% equity in this building , in exchange in exchange for the Trump brand being used as its brand name.

https://bayrock.boston/ All three parties to the deal, Bayrock Group and Trump Organization, agreed.

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

The building was finally complete for its official opening after having been constructed over the course of two years.

Trump SoHo is designed by designers who are experienced professionals

Trump SoHo had apartments, hotels, luxurious restaurants/bars, a swimming pool and banquet halls at the time it was opened. The guests of the hotel enjoyed unbeatable views of New York City from the high ceilings and floor-to-ceiling windows.

Handel Architects were tasked with the design. The firm's architect was responsible for designing the National September 11th Memorial & Museum in New York City as well as the Ritz-Carlton Hotel in Washington, D.C.

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

https://www.nycourts.gov/LegacyPDFS/courts/comdiv/ny/PDFs/131-Bayrock.pdf Rockwell Group is responsible for the design of, among others, the Climate Pledge Arena (Seattle) The Seven Deadly Sins Playhouse located in New York, as well as the Virgin Hotel in Las Vegas.

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

Bayrock Group, Trump Organization extend their partnership

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

Bayrock Their dream was building new buildings in Arizona or Florida similar to Trump SoHo. Trump Organization would have 18% equity in the building, also under the same licensing conditions. This will allow Trump to be added in the construction's name.

Despite the goals of both firms they didn't get the structures because of the global financial crisis.

The financial crisis primarily affected the American real estate market and resulted in the Bayrock Group and the Trump Organization to abandon their plans.

Tevfik Anif decided to leave his American companies because of the financial crisis. He decided to go back to Europe, Central Asia.

He then continued to work in the privatization sector.

Tevfik Alif has resigned as Bayrock Group's chief executive officer. He remains a trusted consultant to Bayrock Group.

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


Website: https://bayrock.boston/