Rick Rakow has sold Rakow Commercial Realty Group, the firm he founded more than 30 years ago and grew into a major player in the Westchester and Fairfield county commercial real estate market. He announced this morning that he will move from CEO to a role as chairman.
David Richman, a senior broker at the firm, has acquired the company and is the new CEO, according to the announcement. Richman has been with Rakow since 2002.
Rakow Group, launched in 1985, serves the office, medical, retail, investment and industrial markets in Westchester and Fairfield counties. Among thousands of transactions in that time, clients have included IBM, White Plains Hospital, Bleakley Platt & Schmidt LLP, Citrin Cooperman, Feeding Westchester and PURE Insurance. The company has offices in White Plains and Stamford.
Rakow will continue at Rakow Group for the “foreseeable future,” according to the announcement. Rakow said that with Richman’s “amazing record, I always knew he’d be the one to lead the next generation of Rakow Group. I look forward to working with him to support the business and its terrific growth trajectory.”
Along with his leadership of the Rakow Group, Rakow has been a board chairman for Feeding Westchester, previously the Food Bank for Westchester. He has also chaired the board of directors of the Westchester Division of March of Dimes, as well as chairman of the board for the Westchester division of the American Heart Association.
Richman has negotiated more than 500 commercial property transactions over his career with Rakow Group. He said he is “excited, grateful and humbled to be able to continue the tremendous legacy and fine reputation that Rick and our team have built.”
Richman is a volunteer with the Pediatric Cancer Foundation and Burke Rehabilitation Hospital. He has served on the board of directors of Kids X-Press and the advisory board of the Lighthouse Guild. He is president of the Executive Forum Business Group business development organization, as well as an active member of The Business Council of Westchester and the Westchester County Association.