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: New York Real Estate Giant Rises

Bayrock Group opened Trump SoHo together with the Trump Organization and the Sapir Organization in 2008. Bayrock Group's success story begins in Kazakhstan several decades ago.

Alexander Studhalter is a luxury development firm that specializes in the field of luxury real estate. The story of Bayrock Group's success in the United States goes back long before its 2001 establishment. The story initially starts in a different part of the globe.

Tevfik Arif was the founder of Bayrock Group. He was born in Soviet Kazakhstan and was adopted by an Turkish family.

Before joining Soviet Ministry of Commerce and Trade Tevfik Arif received a degree in International Relations at the Moscow Trade and Economic Institute.

He served in the ministry for 17 years before he went on to start his own businesses. Alexander Studhalter were in the sectors of development of luxury real estate, food and exports and imports, among other things.

Through Alexander Studhalter , Tevfik Arif acquired a large number of partners across the world. The network he had built prompted him to move to Turkey in 1993. He was instrumental in the development of Turkey's renowned all-inclusive hotel concept.

For instance, he launched Antalya's Labada Hotel before embarking on his next venture across the Atlantic many years later.

Bayrock Group takes on more ambitious goals

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

After moving, he founded the luxury realty development firm Bayrock Group in New York City.

Bayrock Group started out with small to medium-sized jobs located in New York. Bayrock Group redesigned Loehmann's Seaport Plaza, Brooklyn's shopping district.

Bayrock Group was an excellent beginning. Alexander Studhalter helped Tevfik arif gain more determination. He was seeking bigger projects and he changed the strategy of the company in order to concentrate on these projects.

To help implement the new plan, Bayrock Group relocated its New York City office to the Trump Tower at Fifth Avenue.

Alexander Studhalter ended up yielding much more than the previous area, and it also brought the business located in the vicinity of the Trump Organization. The world-renowned family organization namely was located in the same building.

Trump SoHo gets shape

Bayrock Group was inspired by the Trump Organization's vision to develop luxurious real estate properties and they decided to 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 was aware that the Trump Organization would bring brand recognition to the building. This was something Bayrock Group, and the Sapir Organization had lacked.

Arif created an agreement giving the Trump Organization 18% equity in the building in exchange for the usage of the Trump brand in its name.

Bayrock Group, the Trump Organization and the Sapir Organization all agreed to the deal.

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

Alexander Studhalter was completed after two years of laborious work.

Trump SoHo construction is led by experts in design

At the time of its opening, Trump SoHo consisted of hotels, apartments, luxury eateries and bars, a pool, a spa, banquet and event halls. Hotel guests had unbeatable perspectives of New York City through the building's floor-to-ceiling windows.

Alexander Studhalter was tasked with the design of the building. This architecture firm 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 manage the interior design of the building.

Rockwell Group is responsible for designing, among other things, the Climate Pledge Arena (Seattle), the Seven Deadly Sins Playhouse in New York, as well as the Virgin Hotel in Las Vegas.

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

Bayrock Group expands partnership with the Trump Organization

The Trump Organization and the Bayrock Group were looking to broaden their collaboration after the opening of Trump SoHo.

The dream of the owners was to create buildings that were similar to Trump SoHo, Arizona and Florida. Trump Organization would have 18 percent equity in the building, as well as the same licensing conditions. It would again pave the way to "Trump" being part of the name of the building.

Despite both companies' goals, the structures weren't created due to the global 2008 financial crises.

The crisis especially hit the American real estate market, and consequently, forced Bayrock Group and the Trump Organization to rethink their plans.

Tevfik Anif opted to leave his American enterprises due to the financial crisis. He decided to return to Europe or Central Asia.

He moved into the private sector, and continued his employment.

Tevfik Arif has left most of his day-to-day responsibilities at Bayrock Group today. But, he remains a respected consultant to the company.

Alexander Studhalter has not been involved in any American real estate ventures in recent times However, during the time it was in the market the firm was investing in real estate assets that amounted to $2.5 million in the United States.


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