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Published On: Wed, Sep 5th, 2018

Investor Tevfik Arif And the Bayrock Group’s Crucial Role In The Development of Brooklyn Real Estate

Tevfik Arif is a Soviet-born Turkish real estate developer and investor from Kazakhstan. He founded the Bayrock Group in 2001, a real estate development and investment company. In the past he has worked with Donald Trump on several hotel and tower projects.

When Arif moved his business to the United States, he developed the Loehmann’s Seaport Plaza; a three story 280,000 square foot shopping centre on Emmons Avenue in Sheepshead Bay, Brooklyn. The property’s tenants include Loehmann’s and Nine West Shoes. Loehmann’s is an online fashion retailer.

photo/ mohamed Hassan

Tevfik Arif moved his business to the 24th floor of the Trump Tower and developed a business relationship with Donald Trump. Trump provided licensing for the Trump SoHo hotel in a joint venture between the Bayrock Group and the Sapir Organization; which later became known as the ‘Dominick’. Trump and Bayrock later developed the Trump International Hotel and Tower in Fort Lauderdale. Bayrock Group collaborated with Trump on projects around the world.

Brooklyn is currently home to the city’s hottest neighborhoods with properties ranging around the $1.5 million mark. Flatbush, Prospect-Lefferts Gardens and Midwood are popular neighborhoods for new-comers. Areas where these neighborhoods converge, is increasingly popular with properties including features such as BBQ roof-decks, residents’ lounges and yoga studios.

Downtown Brooklyn is popular for attractively priced luxury developments that have a significant number of amenities; it’s a popular neighborhood for millennials. There has been an increase of condominiums in Brooklyn. Brooklyn’s new affordable housing developments include the construction of 262 new apartments, 79 of which, will be affordable units.  This will take place on 202- 208 Tillary street.

Buildings that include lobbies, elevators, hallways, and general spaces with amenities, tend to be snapped up much faster than buildings that do not include such things. Successfully sold properties have elevator cabs, roof-top terraces and a third-floor amenity suits.

Despite the lack of sales, Brooklyn property prices have continued to set records throughout 2018. There have, however been some buyers who were put off by the changes to the federal tax law.

Brooklyn apartment prices tend to average on $795,000 which is up 3.2 percent. Many of the new buildings constructed in Brooklyn are rentals, with lots of condos, such as the Schermerhorn, one of its key features is its rooftop garden.

People have expressed concern over the scheduled L-Train shut-down in 2019.  Brooklyn residents are need of an alternative way to commute that does not include riding through the Canarsie Tunnel to 14th street. It is predicted to have some impact on Brooklyn real estate, but still has not prevented the construction of new buildings.

One of Brooklyn’s newest buildings is Brooklyn’s first supertall tower at DeKalb Avenue, it’s 1,066 feet, and is a collaboration between SHoP Architects and JDS Development. The skyscraper will have 500 apartments. There have been so many new towers in Downtown Brooklyn in 2018, it feels that each month Brooklyn’s skyline changes. The borough is currently undergoing a major development boom.

On the corner of Boerum Place and Fulton Street, a 250 ft tower will be added, having 21 stories, it will contain 122 units and will most likely be condos, Amenities will be included, such as a swimming pool, exercise area, a roof terrace and parking for bikes. The Amberly building on Nassau Street will have 33 stories, with apartments, and studios, and will contain a 10,000 sq. ft public plaza. The Macy’s on Fulton Street is being renovated which means that the space above the shop will turn into a creative office hub called ‘The Wheeler’; it will a be 10 story building , which will remain on the first four floors.

In the future there will be a large condo building next to Downtown Macy’s called The Hoyt, developed by Tishman Speyer, this will be a 51-story building, containing 480 apartments. A 495 ft office tower named Willoughby Square is currently under construction. There’s an Ace Hotel being built at Schermerhorn Street that should open in 2019.

In addition to the housing developments, new parking lots in Brooklyn are also in the works. Retail malls have been developed, such as at City Point. Additional skyscrapers are to be developed in the neighbourhood of Flatbush, among them will be the second tallest after the DeKalb.

Brooklyn has changed dramatically since Tevfik Arif first developed the Loehmann’s Seaport Plaza back in 2001, proving his great insight in choosing Brooklyn for up and coming real estate development. It was a wise choice, as Brooklyn is the place to be and it’s certain that it will continue to develop, expand and thrive in the near future with many more buildings planned in the pipeline.

Author: Charlie Brown

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- Outside contributors to the Dispatch are always welcome to offer their unique voices, contradictory opinions or presentation of information not included on the site.

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  1. […] Investor Tevfik Arif And the Bayrock Group’s Crucial Role In The Development of Brooklyn Real Esta… […]

  2. […] Investor Tevfik Arif And the Bayrock Group’s Crucial Role In The Development of Brooklyn Real Esta… […]

  3. […] disciplinarian dad. For certain, Tevfic’s early life was filled with dilemmas. Developing up, Tevfic, who’s one of partners in Doeyn acquired a hardcore childhood. He was rebuked at university, bullied and possibly deserted by his […]

  4. […] many other recommendations that Tevfik Arif Bayrock has brought on board includes the establishment of rehabilitation centers which are already in […]

  5. […] impart such skills to a child if the parent is not present to follow up the progress of the child. Tevfik Arif Bayrock has brought in measures that will help the parents to assist children to grow in a way that […]

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