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

Business Wire·2 Oct 2026·

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Rithm Capital Corp. announced the closing of a joint venture with a fund managed by DRA Advisors LLC for ownership of 1301 Avenue of the Americas, a flagship asset 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 asset and operate the building on behalf of the joint venture, with terms of the transaction not disclosed. The 45-story, 1.7 million-square-foot Midtown Manhattan tower is currently fully leased, with major tenants including KeyBank, Piper Sandler, Crédit Agricole, and O'Melveny & Myers LLP, and features a recently renovated 32,000-square-foot private club, The Aurelian. Rithm acquired Elecor and its portfolio of Class A office buildings in New York and San Francisco in December 2025, and said it intends to pursue similar capital partnerships across the portfolio going forward. Newmark Group acted as exclusive real estate advisor and HSF Kramer served as legal counsel to Rithm.

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Rithm closed a joint venture with a DRA Advisors fund for 1301 Avenue of the Americas, bringing in a capital partner while retaining majority ownership and operating the asset.