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Rithm Capital and DRA Advisors Announce Joint Venture for Ownership of 1301 Avenue of the Americas

RITM
  • Rithm Capital Corp. closed a joint venture with DRA Advisors LLC for 1301 Avenue of the Americas, a flagship New York City office asset owned by Elecor Properties.
  • Rithm maintains majority ownership & continues to operate the building on behalf of the joint venture.
  • Transaction terms remain undisclosed.
  • The 1.7 million-square-foot, 45-story Midtown Manhattan tower is fully leased with major tenants including KeyBank, Piper Sandler, Crédit Agricole, & O'Melveny & Myers LLP.
  • The property features a recently renovated 32,000-square-foot private club, The Aurelian, with dining, lounge, & wellness facilities.
  • Rithm acquired Elecor in December 2025 to capitalize on opportunities in the Class A office market in New York & San Francisco.
  • The company plans to pursue similar capital partnerships across its portfolio following strong performance & investor interest.
  • Newmark Group served as the exclusive real estate advisor, while HSF Kramer acted as legal counsel for Rithm.