Joint Venture Takes Ownership of 1301 Avenue of the Americas
DRA Advisors is entering into a joint venture agreement with New York-based real estate investment trust Rithm Capital for the ownership of 1301 Avenue of the Americas. DRA is set to take a 49% stake in the property with Rithm maintaining its majority share at the 1.7-million-square-foot, Manhattan, NY, office tower. The building is currently valued at roughly $1.3 billion and managed by Elecor Properties, one of the investment trust’s subsidiaries.
Adam Doneger, Adam Soues and Ben Lushing of Newmark handled negotiations for this agreement.
“DRA’s investment alongside Rithm reflects strong conviction in both 1301 Avenue of the Americas and the broader New York City office market,” Doneger said.
“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.”
Built in 1964, the 45-story Midtown property sits on the corner of Sixth Avenue and West 53rd Street. The building has previously been the home of JCPenney and Crédit Lyonnais. Now, it boasts a tenant roster that includes the likes of tenants KeyBank, Piper Sandler, Crédit Agricole, and O’Melveny & Myers.
The recently renovated property also hosts The Aurelian, a 32,000-square-foot private club with two private dining rooms, a fireside lounge, a café, game room, auditorium and wellness facilities. Crucially, 1301 Avenue of the Americas is currently fully leased.
In December 2025, Rithm Capital paid $1.7 billion to buy out Paramount Group’s entire office portfolio — which includes 745 Fifth Ave., 900 Third Ave., and 31 W. 52nd St. in New York City, as well as One Market Plaza and 300 Mission St. in San Francisco — subsequently rebranding the entity as Elecor Properties.
Diana Sabau
Senior Content Writer, CRE News & Market Analysis
Drawing on years of intense research in the U.S. commercial real estate market at Yardi Matrix, Diana now applies her expertise as a writer for the CommercialCafe blog. Her articles focus on CRE investment, labor market trends, and technology, and have been picked up by prestigious publications including the New York Times, GlobeSt, The Real Deal, NAIOP, MSN, and Bisnow.
