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Feeding Westchester to Honor Rick Rakow

Rick Rakow, who has dedicated nearly 20 years of service to feeding the more than 200,000 residents in Westchester County who are hungry, will be honored by Feeding Westchester, the county’s leading hunger-relief organization, on April 13th at Tappan Hill Mansion in Tarrytown, NY. The organization will also be celebrating its 30th anniversary at the event.

“We are thrilled to honor Rick this year at our 30th Anniversary Gala. He has been a longtime supporter of Feeding Westchester and we look forward to celebrating his continued dedication to our organization and to the entire Westchester community,” said Leslie Gordon, CEO of Feeding Westchester, formerly known as the Food Bank for Westchester. “Rick has served on our Board of Directors since 2000 and we’re honored to call him our dear friend.”

“It is very humbling to be recognized by this organization which obviously means so very much to me,” said Rakow. “No one should ever experience hunger, much less in a county as affluent as Westchester. None of this could happen without the hard work of our incredible staff and the nearly 30,000 hours provided by our volunteers, without the generosity of our donors and the important work and generosity of our great Board of Directors and our more than 300 community food programs throughout Westchester County.”

There is still time to support Feeding Westchester’s Spring Gala. Donations in honor of Rick Rakow can be made by visiting feedingwestchester.org/donate or by calling Tamar Jacobson, Senior Manager of Events and Corporate Engagement at 914-909-9612.

Rick Rakow is the President of Rakow Commercial Realty Group, Inc. based in White Plains, NY. Since 1985, Rakow Group has helped businesses sell, buy and/or lease the commercial space they need to thrive and is one of the most active commercial real estate firms in the region. For more information, visit www.rakowgroup.com.

“The work I have done on behalf of Feeding Westchester certainly helps me to better understand the needs of all the non-profits we represent”, said Rakow.

About Feeding Westchester

For 30 years, Feeding Westchester, formerly known as Food Bank for Westchester, has been the heart of the fight against hunger in Westchester County. We support more than 300 community food programs that are directly feeding the 200,000 county residents who struggle with hunger each year. Last year Feeding Westchester distributed 7.5 million meals across the county. Every $1 donated to Feeding Westchester provides 4 meals for our neighbors in need. Westchester’s collaboration with major retailers and corporations, and its expertise in food procurement, storage, and distribution, turns every monetary donation into fresh food provided for our community. For more information, visit feedingwestchester.org.

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commercial property for rent

5 Types of Commercial Property

Commercial property is a very diverse and intriguing option for investors or businesses looking for places to house their companies or opportunities to make some nice profits. It includes several different types of property, each with their own unique set of characteristics and advantages.  If you’re seeking commercial property for rent or sale, it’s a great idea to narrow down what specific property type you are looking for. Rakow Commercial Realty Group has been working in commercial real estate for over three decades and would love the opportunity to help you with any of your office space real estate for sale needs.

  1. Industrial Space

Industrial space is a diverse property type that can be used as warehouses and shipping facilities. Sometimes, the properties are even able to connect directly to train cars for loading and unloading. You can manufacture and house physical goods in these properties as well, making them very valuable for many businesses.

  1. Retail Space

This type of commercial property space refers to real estate intended for selling goods to consumers. Restaurants are included here, as well as larger shopping centers with “Anchor” tenants like Best Buy or PetSmart. Even outlet malls fall under this lucrative category. Finding your ideal retail property for lease with the help of Rakow Commercial Realty group is a breeze.

  1. Office Buildings

You’ve seen them in every city in America. Tall awe-inspiring skyscrapers, smaller professional buildings, and even single-tenant properties can all fall under the office building property type. These are properties designed strictly for office space. It’s an option that can provide consistent returns on investment over a long period of time.

  1. Land

This property type refers to investment properties that are essentially undeveloped land. The land is normally on its way to becoming something more developed. It’s more speculative in its nature, but purchasing land can certainly be very profitable.

  1. Multifamily Property

This category typically consists of apartments and high-rise condo buildings where people can either buy or rent places to live. With this property type, the potential for stable long-term returns is always on the table due to the necessity for apartments in larger cities.

The five types of commercial property above all provide different advantages and disadvantages according to your own personal business needs. If you’d like any advice regarding commercial property for sale or lease, please reach out to the Rakow Commercial Realty Group today.

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retail property for lease

4 Crucial Commercial Real Estate Terms

In the commercial real estate business, it pays to do your research. The number of commercial real-estate specific words can be a little bit intimidating to those unfamiliar with the subject. However, by doing your homework, you can really ensure you know what you are getting into prior to signing any contract. The chance to save your company thousands of dollars should not be passed up. Learning the lingo will definitely serve you well. We’ve put together a list of 4 crucial commercial real estate terms for anyone looking to brush up on their commercial real estate lexicon below.

  1. Landlord Representative

When you are looking for retail property for lease or retail property for sale, you will most certainly have to deal with a Landlord Representative. This is essentially the leasing and/or agent for the property in question. They are the person acting in the best interests of the property owner or landlord, not necessarily you. A good landlord representative possesses lots of experience and great negotiating skills. They know exactly how to craft the best deal for any office space for lease or commercial real estate property for the landlord.

  1. Building Classifications

If you are looking for commercial real estate or office space for rent, you will need to know about this term. There are three Building Classifications for office buildings. Class A Buildings are top of the line, higher-end spaces with great locations and amenities. Class B Buildings are generally average buildings. Finally, Class C Buildings are usually much older and in less desirable locations.

  1. Letter of Intent

Whenever you are putting the finishing touches on negotiating a commercial office space lease, an LOI always come into play. The Letter of Intent is a written document used to summarize all of the terms of the lease and solidify the tenant’s commitment towards renting the space. It usually comes before signing the lease agreement and can be either binding or non-binding.

  1. Tenant Improvements

This refers to changes or alterations a tenant can make to the property to better suit their needs. Floorings, air conditioning, painting, security, you name it. Tenant improvements should be negotiated prior to signing a lease.

The terms listed above should provide lots of help for those new to the commercial real estate world. We highly suggest going into any commercial real estate deal with a basic knowledge of the above. If you are looking for professionals with years of experience in commercial real estate to help you gain an edge in your deal, look no further than Rakow Commercial Realty Group.

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office space for sale

Due Diligence in Commercial Real Estate: An Overview

After finding the ideal retail property, industrial space, or office space for sale for your business, the real fun begins. This is when you should typically start the process of due diligence. Definitely, plan on putting in some hard work to make sure no stone goes unturned.

Due diligence is essentially reviewing every possible legal and financial aspect of a property prior to making a commercial real estate acquisition. It is an intensive process that takes time and commitment. Skipping steps in the due diligence process could mean big trouble in the future for you or your company. When you are spending or borrowing huge sums of money to purchase property, the last thing you need is an unanticipated issue or surprise. That’s why we have created a brief checklist below providing an overview of due diligence for commercial real estate transactions. We hope it provides a great baseline after you locate a retail property for sale that’s to your liking.

Three Different Buyers, Three Different Approaches:

Every commercial real estate transaction will typically include three different types of buyers. The investor looks to get a return on their investment and wants to ensure that future cash flows are stable and satisfactory compensation for the risk they are undertaking. The end user wants to actually use the property and make sure that the property can handle their intentions. The developer will either lease out, resell, or change the property and will be looking for the ins and outs about permits and planning for the property in question.

Basic Principles of Due Diligence:

You certainly want to make sure you are aware of any legal restrictions that the property may have. This will require checking for special permits and zoning for the property. Take into account the suitability of the property for your needs. Request the original plans for the building and consider present and future environmental concerns. Make a list of the characteristics of the property and carefully study its legal descriptions. Easements, covenants, and restrictions must all be investigated. Check to make sure that the seller has the legal right to actually sell the property in accordance with the original purchase agreement. Finally, don’t forget to consider the future cost impacts and financing implications prior to signing the deal.

We hope this high-level summary of due diligence has provided you with a nice overview of how the process works and why it is so important. If you’ve found office space for sale that you’d like to purchase, remember the true value of due diligence and how much an experienced commercial real estate team like the Rakow Commercial Realty Group can help.

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commercial property for rent

Important Questions to Ask when Finding a Commercial Real Estate Broker

Are you in the market to buy, rent, or sell commercial property? Choosing the right broker can make or break you in a variety of ways. You want to find someone who is trustworthy, experienced, and knowledgeable without breaking the bank. The company that the broker represents is also important, as it can potentially offer lots of experience and resources to bring to the deal.

Finding the right commercial property for rent or sale is often one of the most important decisions you will make in the life of your business. There are several very important questions to ask prior to making any commitment to a broker.

How much experience does the broker have?

You want to work with someone who knows the ins and outs of the commercial real estate marketplace. If you are looking for industrial space for rent, find someone that has years of experience in finding that particular type of property. If you want to find office space real estate, find a broker that has successfully set people up with an office you would be proud to call your own. A broker that specializes in the specific type of property you are looking for is key.

Is the broker good at communicating?

Communication is absolutely crucial in any business transaction. You can start to get a sense of whether or not the broker is a good communicator from the onset of your dealings with them. Are they proactively reaching out to you to ensure you are on the same page? Do they seem to be on top of their scheduling and commitments? Are you left feeling like all of your questions were answered after a conversation with them? These are all important things to think about when choosing a commercial real estate broker.

Do you understand the broker’s fees?

It doesn’t matter if you are buying, selling, or leasing commercial property, you most certainly want to have a clear understanding of the broker’s fees prior to making any decisions. The last thing you want is to owe a commission or fee that you were completely unaware of after committing to a property.

Do you like the person you are dealing with?

When you start a business relationship with a commercial real estate broker, you aren’t just working with their company, you are working directly with a person. If your personalities or views are not a good match, you are likely to run into conflicts at some point down the line. By finding a broker that you enjoy dealing with, you are setting yourself up for success.

Rakow Group has the most qualified team of specialists in the industry. If you are looking for a commercial property for rent or commercial property for sale, or if you’d just like to have more information, please call us now at (914) 758-0220.

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office space real estate

Selecting the Ideal Commercial Office Space

Getting the corner office is a dream that pertains to the vast majority of people in the business world. It’s a symbol of power and success. However, the sign of a truly great business owner is someone that sees office space not as a status symbol, but rather as an opportune location to build something great.

It’s a place that can house your team so that they can build the future your business deserves. Whether you have found the perfect industrial space for rent, or have just been handed over the keys to your new office space real estate, you will have some important decisions to make in order to get the most out of your space. Below you will find a few valuable tips and ideas that will help you make the most of your commercial office space real estate lease.

  1. Do Some Homework

When seeking out commercial property for rent, there will be a large assortment of options, prices, and locations to choose from. It pays to do extensive research by examining the market and thinking about what type of amenities and location are ideal for your business in its current growth stage. Additionally, the more knowledge that you can gain about current market conditions prior to making the deal can lead to towards finding the perfect commercial real estate opportunity.

  1. Keep Your Clients in Mind

If you are planning to have clients come in for meetings in your office space, it’s important to think about the first impression your office space will give. Do you want your clients to be picking up their jaws off of the floor after they see your modern, large, and refreshingly inspired office? By keeping your ideal clients in mind, you can choose office space real estate that works as a powerful selling tool for your brand and business.

  1. Consider Sharing Space

Sharing office space is not just for lean start-ups looking to cut costs. It can be a great option for bigger companies that are looking to accelerate their growth and potentially have offices in multiple locations. Saving money on your leasing costs directly impacts your balance sheet, which means you will have more money to spend on research and development, marketing, etc.

Finding office space real estate is an important aspect for every business. We hope the tips above have provided you with some great ideas on how to locate the ideal space for your business. For more information, call Rakow Group now at (914) 758-0220.

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industrial space for rent

Practical Uses for Industrial Space

Leasing or buying industrial space is a practical option for businesses looking to set themselves up in a physical location without having to construct a building from the ground up. Why pay to purchase a plot of land and construct something when you can lease or purchase an existing property that is undervalued? This mindset definitely makes sense for a lot of business owners.

In today’s industrial space real estate marketplace, there tend to be quite a few industrial spaces for rent that can provide great opportunities for you and your business. The trick is determining how to get the most out of the space and while also covering all bases for your business needs.

Below, we will discuss a few of the practical uses for industrial space that you can apply to your own business plans.

Warehouses

One of the most commons uses of industrial space for rent is using the property as a warehouse. If your business involves creating, shipping, and transporting lots of goods, materials, and physical products, you will most certainly require a space to house them all. Choosing a great location that allows the goods to be easily transported is also key. Industrial spaces are ideal for warehouses.

Manufacturing Facilities

Industrial spaces are usually quite large, making them perfect for setting up a place to manufacture goods. If your business demands lots of space to house large machinery and physical materials, seeking out industrial space is an excellent idea. Additionally, these spaces tend to be ideal for shipping the goods out after they are manufactured because they often contain large garages and transport bays.

Office Spaces

Sure, industrial spaces don’t have the fancy amenities and luxuries that commercial office spaces typically provide, but using industrial space as an office can save you tons of money. It’s fairly easy to convert an industrial space into an office for your business. These spaces provide lots of opportunity for customization as well. You can have the space function as both a warehouse and an office to get the maximum value from your lease or purchase.

Creative Opportunities

Perhaps the best thing about industrial space is the versatility that they provide. There have been spaces repurposed for residential use, middle schools, sports complexes, and art museums. The possibilities are nearly endless. With a creative mindset, you can transform an industrial space from an empty warehouse into a practical and low-cost, revenue-generating powerhouse.

For more information about our industrial property for rent and industrial property for sale listings, call Rakow Group at (914) 758-0220.

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commercial property for sale

Benefits of Leasing versus Buying Commercial Property: A Breakdown

If you’re searching for commercial property that will perfectly suit the needs for your business, it’s important to start things off by narrowing down a very important aspect. Are you seeking commercial property for sale? Or perhaps commercial property for lease is the correct route to take? Leasing versus buying commercial property each require entirely different approaches. A lease can provide more flexibility and the opportunity to leave after the duration of the contract. For some business owners, this option is priceless. On the other hand, purchasing commercial real estate can be an investment in the future that can provide fantastic returns on your initial investment if the property value increases over time. Alternatively, things can go south quickly if the value of the property diminishes and you are stuck paying off the building.

Rakow Group can provide assistance and guidance for either option you decide to choose. We’ve prepared a brief synopsis below detailing why leasing or buying commercial property might be the right decision for you.

Benefits of Leasing Commercial Property

Signing a lease on commercial property or an office space real estate for your business might be a decision that takes your company to the next level. There are quite a few benefits to be had from leasing. One huge benefit is the fact that you will be able to spend more money on your business rather than on the property housing your business. Leasing requires less capital than buying. With more working capital freed up from foregoing a property purchase, you can use those dollars to grow and reinvest. Additionally, leasing can provide the opportunity to set your business up in a great location for a fraction of the cost that purchasing would in that same area. Lastly, you won’t have to deal with the trials and tribulations that owning a property requires. Your landlord or leasing company will have to handle that, which means more time for you to focus on your business.

Benefits of Purchasing Commercial Property

Buying commercial property for sale can require a lot of capital and due diligence. It’s an option that can be extremely rewarding as well. One huge benefit is the tax deductions you can claim after the purchase is complete. Paying less taxes allows you to use that money for other business-related activities, which might make sense for your business. Additionally, after you have your mortgage rate set for a long-term period, you have a clear picture of what your costs will be in the future and can budget accordingly. No need to worry about rent increases. If you purchase a large office space real estate property, you can make some additional income by leasing out spaces in the building to other companies in need of space.

Perhaps the most compelling benefit of purchasing commercial property is the opportunity it provides for you to build equity. Instead of paying monthly rent that is a sunk cost, each month you are actively decreasing the amount of debt you owe on the property and getting closer to owning it outright. You can also be building equity if the value of the property you purchased increases. Building equity provides you with the opportunity to sell, use the equity to finance other property purchases or take out a loan for your business if necessary.

As you can see, there are a variety of benefits for both leasing or purchasing commercial real estate. Determining the right choice for your business depends on your current situation and future goals. Remember, Rakow Group is always ready to help you make the best decision for your business.

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commercial property for sale

The Three Most Important People You Need for Buying Commercial Property

Purchasing commercial property for sale is an endeavor that requires careful planning and strategy for success. You might have found what you consider to be the perfect opportunity, but if you don’t surround yourself with the right people to help out during the purchasing process you might be setting yourself up for failure. There is a variety of issues you might run into during the process of buying office space real estate, like having a misunderstanding of local environmental issues, lacking knowledge of tax implications from the purchase, and problems with contractors during renovations. We, here at Rakow Group, can help you avoid these problems with our broad range of services and connections in commercial real estate.

We’ve created a list of the three most important people you need for buying commercial property to give you some additional insight prior to making your purchase.

  1. An Accountant for Tax Information and Number Crunching

When you purchase commercial property for sale, it’s going to be a large monetary transaction. By setting yourself up with a quality accountant, you can determine the funds needed for the purchase and how to allocate money accordingly in your business. Also, it’s very important to realize that there will be large tax implications from the purchase. The last thing you want is problems with the IRS just because you weren’t aware of commercial property tax code. An accountant can definitely help to ensure you are well prepared prior to the purchase.

  1. A Banker for Securing a Loan

Typically, a large office space real estate transaction requires some sort of financing from the bank in order to make the deal happen. You’ll have to provide quality financial statements to the bank to make sure they give you the best interest rate on the loan. It’s extremely helpful if you are working with a banker you can trust. If you have a long-term relationship with a banker, it’s even better. Choosing the right banker to help with the financing can be one of the most important decisions you make during a commercial property transaction.

  1. A Commercial Real-Estate Expert to Handle Everything Else

Sure, bankers and accountants are important in any commercial real estate purchase, but wouldn’t you like to have someone with over 30 years of experience helping you out during every step of the purchase? Rakow Group’s commercial real-estate experts can guide you towards making great decisions and help you avoid common pitfalls. A commercial real-estate expert is someone who can answer all of your questions and provide priceless guidance during the purchase of a property.

For more information or a consultation, call us now at (914) 758-0220.

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industrial space for rent

Renting Industrial Space: The Sooner, the Better

Imagine the following scenario: you have six months remaining on your current lease, you know you need to move your business operations elsewhere, and you have yet to locate a single viable industrial space available to rent. Stress, pressure, and time are all working against you as you seek a legitimate solution. In this type of situation, you are likely to end up leasing space that is far from ideal for your business needs. Unfortunately, procrastination is a common reality for many people. Don’t let it impact your business when seeking out industrial space for rent.

Many people do not start the process of looking for industrial space early enough. Consequently, they end up settling for a space that does not meet the necessities of their business. There is a real possibility that they will be forced to pay an inflated or premium price on the space due to inadequate time available for assessing all options. Getting the ideal industrial space for rent is easy if you align yourself with professionals and provide yourself with ample time to make the right decision.

The Benefits of an Early Search                                                                                             

When you are looking for an industrial space for rent, experts recommend that you start looking at least 12 months before you have to vacate your current location. Ideally, the search should start 2 years in advance. There are a variety of reasons for this:

  • If you wait until the very last moment, you might find a shortage of properties with the qualifications you need. You could very well end up settling for a sub-optimal industrial space out of pure necessity.
  • You will not have enough time to properly negotiate the deal. Rushing into a lease is never a good idea.
  • You might have to do some remodeling before moving. This can be a time-consuming endeavor. Consider the time it takes to do the actual remodeling as well as the time it takes to get legal and regulatory permissions. Obtaining these permissions can sometimes take several months.

In addition to starting your search for industrial space for rent early, experts also recommend having a real estate agent available to sit down with you every six months or so to help evaluate any real estate needs your company may have.

Throughout our more than 30 years of experience, Rakow Group has helped countless business owners at every step of their industrial space for rent endeavors. If you’d like to know more about us or need assistance, please call now at (914) 758-0220.

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