Rithm Capital Corp. has announced the closing of a joint venture with a fund managed by DRA Advisors for the ownership of 1301 Avenue 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 asset and operate the building on behalf of the joint venture. Terms of the transaction are not being disclosed.
“We are excited to begin our partnership with DRA, which reflects our shared conviction in the long-term value of high-quality office assets,” said Michael Nierenberg, CEO, Rithm Capital. “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.”
