Institutional capital is selectively targeting New York office assets with strong leasing fundamentals and income potential.
Rithm Capital Corp. recently closed a joint venture with a fund managed by DRA Advisors LLC for the ownership of 1301 Avenue of the Americas, one of the flagship properties in the New York City office portfolio of Elecor Properties, Rithm’s real estate operating platform. Rithm, through Elecor, will retain majority ownership of the property and continue operating the building on behalf of the joint venture.
“Rithm’s partnership with DRA shows there is capital for high-quality class A assets like 1301 that check every box in today’s market: credit tenants, long WALT [weighted average lease term], a best-in-class amenity in The Aurelian, and a prime Midtown location,” said Jonny Nierenberg, vice president at Rithm Capital Corp.
The investment also reflects DRA’s confidence in Elecor’s ability to own and operate the property thr
