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Rithm Capital, DRA Advisors JV on Midtown Manhattan Offices
Rithm Capital Corp. has closed on a joint venture with a fund managed by DRA Advisors LLC for the ownership of 1301 Ave. of the Americas, one of the flagship assets in the New York City office portfolio of Elecor Properties, Rithm’s real estate operating platform. Rithm, through Elecor, will continue to hold majority ownership of the tower and operate it on behalf of the JV. Terms were notdisclosed.
“Strong leasing activity across New York City’s leading office assets continues to reinforce demand for best-in-class space, and partnering with an experienced, well-capitalized firm like DRA allows us to continue growing Rithm’s asset management platform while staying closely involved in the asset’s long-term success,” said Michael Nierenberg, CEO, Rithm Capital.
A 45-story, 1.7-million-square-foot office tower located in Midtown Manhattan, 1301 Ave of the Americas is fully leased. Newmark Group acted as the exclusive real estate advisor and HSF Kramer served as legal counsel to Rithm on the JV.
- ◦Sale/Acquisition
