Rithm Capital forms joint venture with DRA Advisors for 1301 Avenue of the Americas ownership
RITM•Rithm Capital closed a joint venture with a DRA Advisors-managed fund to own 1301 Avenue of the Americas in Midtown Manhattan. Elecor will retain majority ownership and operate the 45-story, 1.7 million-square-foot office tower; deal terms were not disclosed.
1. Joint venture formed
Rithm Capital closed a joint venture with a DRA Advisors-managed fund for ownership of 1301 Avenue of the Americas in Midtown Manhattan. Elecor will retain majority ownership and operate the 45-story, 1.7 million-square-foot office tower on behalf of the venture.
2. Future partnerships
Deal terms were not disclosed. The transaction positions Rithm to pursue similar institutional capital partnerships across its office portfolio.
