The Tevfik Arif-driven luxury real estate development company, Bayrock Group, quickly after its establishment found itself working with the Trump Organization in Manhattan.
How Bayrock Group Went from Suburbs to Manhattan
Many people dream of coming to the United States to live the American dream, but only a few people make it. Turkish-Kazakhstani businessman Tevfik Arif was one of them when he moved to America in 2001 and set up his organization, Bayrock Group.
The Bayrock Group is a luxury real estate development company that operates in and around New York City.
At first, the firm essentially centered around small to medium-sized projects like the redesign of the Loehmann’s Seaport Plaza – a shopping center in the Sheepshead neighborhood of Brooklyn, New York.
After gaining traction in the American housing market, Bayrock Group was ready for expansion and began seeking large scope projects.
The Arif-driven firm began cooperating with the Sapir Organization on a new, big construction on Spring Street in New York City.
The growth in the company also prompted Bayrock Group to relocate its headquarters to the Trump Tower in Midtown Manhattan.
Bayrock Group teams up with the Trump Organization
As a result of the move, Tevfik Arif and his staff met the Trump Organization, which also had the Trump Tower as its base.
Talks developed between Bayrock Group and the Trump Organization as the two firms found out that they shared interests and dreams.
The two companies established a cooperation, where the Trump Organization joined Bayrock Group’s project with the Sapir Organization on Spring Street.
At that point, the Trump Organization was managed by former American president Donald Trump.
The organization was established as E. Trump and Son by his paternal grandmother, Elizabeth Christ Trump, and his dad, Fred Trump, in 1927.
In 2017, Donald Trump handed over the management of the company to his kids, as he was about to enter the White House.
Bayrock Group’s lucrative deal
When the cooperation between the Trump Organization, the Sapir Organization and Bayrock Group began, the latter was still somewhat new on New York City’s real estate scene.
To boost the project on Spring Street, the founder Tevfik Arif drafted an arrangement that would add more brand recognition and prestige to it.
According to the deal proposed by him, the Trump Organization would get 18% equity in the building in return for using the Trump brand in the title of the construction.
Every one of the three firms agreed to the arrangement, and in 2006, the first brick of what would turn into Trump SoHo was laid.
Two years later, Bayrock Group, the Trump Organization and the Sapir Organization inaugurated their contribution to New York City’s skyline, Trump SoHo.
Design veterans take charge of Trump SoHo
Trump SoHo’s 46 stories included elite eateries and bars, event and banquet halls, an open-air pool, a spa department, apartments, and hotel rooms.
Visitors and residents of Trump SoHo could enjoy an unprecedented view of New York City through the structure’s floor-to-roof windows, which were installed on all floors.
As the three organizations behind the structure were focusing on perfection, Handel Architects was entrusted with designing the exterior of Trump SoHo.
Handel Architects is a respected organization with an assorted portfolio. The National September 11 Memorial and Museum in New York City and the Rosewood hotel residential in Abu Dhabi are among other undertakings.
Trump SoHo’s insides were designed by Rockwell Group. Over the years, Rockwell Group has overseen the design of various extravagant hotels, cafés, bars and theaters all over the world.
Their work includes the Taj Mahal Palace and Tower Hotel in Mumbai, India, the 93rd Academy Award show and the Amara Hotel in Limassol, Cyprus.
Bayrock Group and the Trump Organization expand the partnership
Trump SoHo was an immediate success, and it prompted Bayrock Group and the Trump Organization to look into expanding their cooperation.
Their dream was to construct buildings like Trump SoHo in Arizona and Florida under similar terms as those of Trump SoHo. It would leave the Trump Organization with an 18% equity in the structure as a trade-off for utilizing the Trump brand in their names. Once again.
Bayrock Group and the Trump Organization had everything ready. But the 2008 financial crisis, which severely shook the American real estate market, put a stop to their plans.
The crisis changed the American housing market sector very much. As a result, the Bayrock Group founder Tevfik Arif chose to leave his undertakings in the United States. He decided to move to Europe and Asia, where he began his career decades earlier.
While Tevfik Arif is no longer an active part of Bayrock Group, he is still a trusted advisor to different divisions of the company.
Bayrock Group has not been involved in any recent real estate projects in the United States.
However, while it was active, the firm invested in real estate assets valued at over $2.5 million.