Rithm Capital and DRA Advisors Announce Joint Venture for Ownership of 1301 Avenue of the Americas
Key Highlights
- ➤Rithm Capital (RITM) closes joint venture with DRA Advisors for 1301 Avenue of the Americas
- ➤Rithm (RITM) retains majority ownership and continues operating the fully leased tower
- ➤Transaction terms undisclosed, limiting immediate valuation detail
- ➤Rithm plans similar institutional capital partnerships across its real estate portfolio
Expert Statements
Michael Nierenberg, Chief Executive Officer, Rithm Capital
“We are excited to begin our partnership with DRA, which reflects our shared conviction in the long-term value of high-quality office assets.”
Brett Gottlieb, Senior Managing Director at DRA Advisors
“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.”
Adam Doneger, Executive Vice Chairman at Newmark Group
“DRA’s investment alongside Rithm reflects strong conviction in both 1301 Avenue of the Americas and the broader New York City office market.”
Rithm Capital and DRA Advisors Announce Joint Venture for Ownership of 1301 Avenue of the Americas
Rithm Capital Corp. (NYSE: RITM) (“Rithm”), a global alternative asset manager, today announced the closing of a joint venture with a fund managed by DRA Advisors LLC (“DRA”) for the ownership of 1301 Avenue of the Americas, one of the flagship assets in the New York City office portfolio of Elecor Properties (“Elecor”), 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.
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