Rithm Capital has completed a joint venture with a DRA Advisors-managed fund for a Midtown Manhattan office tower. Rithm retains majority ownership through Elecor Properties, which will continue operating the building. The transaction adds an equity partner to a property in the office portfolio Rithm acquired in December 2025; financial terms were not disclosed.
Rithm Capital, an alternative asset manager, completed a joint venture with a fund managed by real-estate investment adviser DRA Advisors for 1301 Avenue of the Americas. The office tower stands in Midtown Manhattan in New York. Rithm retains majority ownership through Elecor Properties, its real-estate operating platform, which will continue running the building for the partnership.[1], [2]
Rithm said the 45-story building is fully leased. Major tenants include KeyBank, Piper Sandler, Crédit Agricole and O’Melveny & Myers. The parties did not disclose financial terms or the DRA fund’s precise ownership percentage. Newmark acted as Rithm’s exclusive real-estate adviser and HSF Kramer provided legal counsel for the transaction.[1]
Rithm acquired Elecor and its New York and San Francisco office portfolio in December 2025. It says it has since invested in capital improvements and expanded its asset-management platform. Chief executive Michael Nierenberg described the DRA partnership as an expansion of that platform while preserving the company’s involvement in the property’s operations.[1]
DRA is a New York-based registered investment adviser founded in 1986. Its clients include pension funds, university endowments, sovereign wealth funds, foundations and insurers. Its role in the new partnership is through a managed fund.[1]
