Founded in 2001, Bayrock Group develops luxury real estate in New York City by Turkish-Kazakhstani businessman Tevfik Arif. At first, the genesis of Bayrock Group took place in another country.
This article will give an overview of Bayrock Group’s origins and its owner, Tevfik Arif. We will also elaborate on the impact of Bayrock Group’s Trump SoHo building in New York City.
What is the Bayrock Group, and who is Tevfik Arif?
Tevfik Arif, born into a Turkish family in Soviet Kazakhstan, founded Bayrock Group.
Tevfik Arif graduated from the Moscow Trade and Economic Institute with a degree in International Relations.
In 1991, After serving in the ministry for 17 years, he left to establish several businesses. When the economic restructuring of the former Soviet republics was underway, he turned his attention to the business world.
Tevfik Arif’s early business endeavours
As a government official, Arif had the opportunity to network and collaborate with several business leaders. As a result of these valuable skills and connections, he was able to expand his business interests.
He and his brother acquired the Akytyubinsk Chromium Chemicals Plant (ACCP) in Kazakhstan as a joint venture. Tevfik Arif’s businesses were luxury real estate development, food exports, and imports. Tevfik Arif acquired many worldwide partners through his many companies.
After moving to Turkey in 1993, he spearheaded the development of Turkey’s famous all-inclusive hotels. He opened the Labada Hotel in Antalya before moving on to his next venture across the Atlantic.
The foundation of Bayrock Group
In 2001, Tevfik Arif moved to the United States to expand his business and be closer to his American family. He founded the Bayrock Group in New York City, a luxury real estate development firm.
Despite Arif’s efforts to develop his connections and understanding of the local market, many of Bayrock’s first projects were small.
Eventually, he focused on Manhattan’s more prestigious real estate market. Despite the intimidating nature of New York real estate, Arif was an experienced investor and business entrepreneur.
Bayrock Group’s new headquarters are located in Trump Tower in Manhattan.
Bayrock Group initially executed small to medium-sized projects around New York. Loehmann’s Seaport Plaza in Brooklyn’s Sheepshead area, for example, was renovated by the company.
Tevfik Arif became increasingly ambitious after Bayrock Group started well. He longed for more significant projects and decided to change the company’s strategy to focus on that.
According to his new strategy, Bayrock Group moved its New York City offices to the Trump Tower on Fifth Avenue.
The move yielded substantially more than another location, as it got the company in the vicinity of the Trump Organization. The world-renowned family organization namely resides in the same building.
How the Trump Soho was established by the Bayrock Group
The Trump Organization and Bayrock Group shared a vision of building luxury real estate projects, so they partnered up.
The Bayrock Group was already working with the Sapir Organization on another project on Spring Street in Manhattan’s SoHo quarter.
Incorporating Trump Organization into that project would enhance Bayrock Group and the Sapir Organization; Tevfik Arif knew brand recognition.
Arif drafted an agreement granting the Trump Organization 18% equity in the building in exchange for using the Trump brand.
The proposed deal was approved by Bayrock Group, the Trump Organization, and the Sapir Organization.
As a result, the first brick of Trump SoHo was laid in 2006.
Construction of the building took two years, and it was ready for inauguration after two years.
Trump SoHo was constructed by design veterans
Trump SoHo opened with apartments, hotel rooms, luxury eateries and bars, a pool, a spa, banquet, and event rooms.
Through floor-to-ceiling windows, all 46 floors offered outstanding views of New York City. The view of the city is unparalleled from the hotel’s floor-to-ceiling windows.
Handel Architects designed the building. Among its recent projects are the National September 11th Memorial and Museum and the Ritz-Carlton Hotel.
The interior design of the building was handled by Rockwell Group on behalf of Bayrock Group.
Seattle, the Climate Pledge Arena in New York, and Las Vegas are some cities and projects the firm has worked in. Indonesia, Mexico, and Spain are also countries where the firm has international experience.
Alt text: Trump SoHo building created by Tevfik Arif’s, Bayrock Group
Caption: Trump SoHo building created by Tevfik Arif’s, Bayrock Group
Tevfik Arif’s Bayrock Group invests millions in the United States
As a result of the success of Trump SoHo, Bayrock Group and the Trump Organization began planning other luxurious real estate projects together.
In the use of the Trump name, they wanted to construct buildings like Trump SoHo in Arizona and Florida.
Due to the financial crisis that profoundly affected American real estate in 2008, the projects in Arizona and Florida were never constructed.
After the U.S. market changed, Bayrock Group founder Tevfik Arif pursued other projects in Europe and Central Asia.
Over $2.5 million was invested in real estate assets by Bayrock Group while it was active in the United States.
In recent years, Bayrock Group has not been part of any real estate development projects in the United States.
Tevfik Arif has retired from most of his daily tasks in Bayrock Group. But he is still a trusted and valued advisor to the
company.