Rithm Capital has closed a joint venture with a fund managed by DRA Advisors covering ownership of 1301 Avenue of the Americas, a flagship property within the New York office portfolio of Rithm’s Elecor Properties platform. Terms of the transaction were not disclosed.
Rithm, through Elecor, will retain majority ownership of the building and continue operating the property on behalf of the joint venture.
Rithm acquired Elecor and its portfolio of Class A office properties in New York and San Francisco in December 2025.
Since that acquisition, Rithm has invested in capital improvements and expanded the asset management platform supporting the portfolio.
The company plans to pursue additional institutional capital partnerships across the Elecor portfolio.
Located in Midtown Manhattan, 1301 Avenue of the Americas is a 45-story, 1.7 million-square-foot office tower.
The building is fully leased, with major tenants including KeyBank, Piper Sandler, Crédit Agricole and O’Melveny & Myers.
The property also includes The Aurelian, a recently renovated 32,000-square-foot private club with a restaurant, private dining rooms, a lounge, a café, a game room, an auditorium, and wellness facilities.
DRA Advisors had $13.8 billion in gross assets under management as of June 30, 2026.
Newmark Group acted as exclusive real estate adviser on the transaction and HSF Kramer served as legal counsel to Rithm.
KEY QUOTES:
“We are excited to begin our partnership with DRA, which reflects our shared conviction in the long-term value of high-quality office assets. 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.”
Michael Nierenberg, Chief Executive Officer of Rithm Capital
“We are pleased to invest alongside Rithm in 1301 Avenue of the Americas, a premier asset in one of the country’s strongest office markets. What Rithm has built is incredibly exciting, and we look forward to combining our respective strengths at 1301 and growing the partnership from here.”
Brett Gottlieb, Senior Managing Director at DRA Advisors
“DRA’s investment alongside Rithm reflects strong conviction in both 1301 Avenue of the Americas and the broader New York City office market. The investment underscores the growing depth of institutional capital targeting premier office assets and reinforces the exceptional leasing and investment momentum we continue to see across New York City.”
Adam Doneger, Executive Vice Chairman at Newmark
