Notes

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

Trump SoHo was opened by Bayrock Group in 2008, alongside the Trump Organization (the Trump Organization) as well as the Sapir Organization.

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

Bayrock Group, along with the Trump Organization, opened Trump SoHo in 2008 along with the Sapir Organization. However, the story of Bayrock Group's growth begins in Kazakhstan years before that.

Bayrock Group, a luxury real estate developer in the United States, has a long-running history dating back to 2001 , when the company was established. The story began on the other side the globe.

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

Prior to joining the Soviet Ministry of Commerce and Trade Tevfik Arif graduated with an academic degree in International Relations at the Moscow Trade and Economic Institute.

He worked in the ministry for 17 years before he quit to establish his own businesses. Tevfik's ventures included the luxury real estate, food, and exports/imports industries as well as other sectors.

Tevfik's diverse businesses helped him to draw a huge number of foreign partners. https://pilarr.com/tevfik-arif-and-the-company-bayrock-group-behind-trump-soho/ His network led him to Turkey in 1993 where he was one of the leading leaders behind Turkey's famous all-inclusive hotels.

He opened, for example for instance, the Labada Hotel Antalya. This was prior to his move to the next project that was a couple of years later across the Atlantic.

Bayrock Group grows more ambitious

Tevfik Amir came to America in 2001 to explore new opportunities in business and be closer with his American family.

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

In the beginning, Bayrock Group executed small to medium-sized construction projects in and around New York. For instance, the firm remodeled Loehmann's Seaport Plaza shopping center in Brooklyn's Sheepshead.

http://tevfikarifanla079.bravesites.com/ Bayrock Group was off to a good start, and it led to Tevfik Arif becoming increasingly determined. He wanted to focus on bigger projects, which is why it was his decision to shift the company's focus towards this.

Bayrock Group moved its New York City office to Trump Tower on Fifth Avenue to accompany the change in strategy.

The move resulted in a lot more than a different place of business because it placed the company near the Trump Organization. The well-known family business was located in the same location.

Trump SoHo gets shape

Bayrock Group and Trump Organization have the same goals for luxury real-estate projects. Both companies agreed to collaborate.

Bayrock Group had already begun work on a second project in the Manhattan's SoHo neighborhood along Spring Street with the Sapir Organization.

Tevfik Ariff was aware that incorporating the Trump Organization in the project could boost brand recognition for the building, something that Bayrock Group and Sapir Organization did not have.

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

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

This was the basis for Trump SoHo's first brick to be laid in the year 2006.

The building was finally ready for its official opening after it was constructed over the course of two years.

Design experts are the architects behind Trump SoHo

The first time it was opened, Trump SoHo consisted of apartments, hotel rooms as well as luxury bars and restaurants as well as a pool, banquet hall, spa and event spaces. Tevfik Arif Doyen The building's floor-to ceiling windows allowed guests to enjoy unbeatable views of New York City.

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

Bayrock Group hired Rockwell Group for interior design.

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

The firm also has experience dealing with countries around the world, such as Mexico, Spain, and Indonesia.

Bayrock Group and the Trump Organization strengthen their the partnership

After the launch of Trump SoHo, the Trump Organization as well as the Bayrock Group wanted to increase their relationship.

Their vision was to construct structures similar to Trump SoHo in Arizona and Florida. The same licensing terms, leaving the Trump Organization with 18% equity in the building. This opens the door to Trump being part of the construction's name.

Despite the goals of both firms they didn't get the structures due to the 2008 global financial crisis.

The American real estate markets were particularly hard hit by the financial crisis. Bayrock Group was forced to abandon its plans, and Trump Organization was forced to withdraw their plans.

Tevfik Anif opted to leave his American companies due to the economic crisis. He decided to return to Europe, Central Asia.

He continued his job in the private sector.

Tevfik arif has resigned the majority of Bayrock Group's day-to-day responsibilities. He is however a trusted consultant to the business.

Bayrock Bayrock Group was not involved in any American Real Estate ventures in the past, but the firm has invested $2.5 Million in real estate properties in the United States when it was actively investing.


Read More: https://www.amazon.com/Bayrock/dp/B07WTB5WRR