{"id":52883,"date":"2026-10-12T07:16:14","date_gmt":"2026-10-12T04:16:14","guid":{"rendered":"https:\/\/www.commercialcafe.com\/blog\/?p=52883"},"modified":"2026-10-07T11:23:51","modified_gmt":"2026-10-07T08:23:51","slug":"joint-venture-takes-ownership-of-1301-avenue-of-the-americas","status":"publish","type":"post","link":"https:\/\/www.commercialcafe.com\/blog\/joint-venture-takes-ownership-of-1301-avenue-of-the-americas\/","title":{"rendered":"Joint Venture Takes Ownership of 1301 Avenue of the Americas"},"content":{"rendered":"

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<\/a> tower. The building is currently valued at roughly $1.3 billion and managed by Elecor Properties, one of the investment trust\u2019s subsidiaries.<\/p>\n

Adam Doneger, Adam Soues and Ben Lushing of Newmark handled negotiations for this agreement.<\/p>\n

\u201cDRA\u2019s investment alongside Rithm reflects strong conviction in both 1301 Avenue of the Americas and the broader New York City office market,\u201d Doneger said.<\/p>\n

\u201cWe are excited to begin our partnership with DRA, which reflects our shared conviction in the long-term value of high-quality office assets,\u201d said Michael Nierenberg, CEO, Rithm Capital. \u201cStrong leasing activity across New York City\u2019s 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\u2019s asset management platform while staying closely involved in the asset\u2019s long-term success.\u201d<\/p>\n

Built in 1964, the 45-story Midtown property sits on the corner of Sixth Avenue and West 53rd<\/sup> Street. The building has previously been the home of JCPenney and Cr\u00e9dit Lyonnais. Now, it boasts a tenant roster that includes the likes of tenants KeyBank, Piper Sandler, Cr\u00e9dit Agricole, and O\u2019Melveny & Myers.<\/p>\n

The recently renovated property also hosts The Aurelian, a 32,000-square-foot private club with two private dining rooms, a fireside lounge, a caf\u00e9, game room, auditorium and wellness facilities. Crucially, 1301 Avenue of the Americas is currently fully leased.<\/p>\n

In December 2025, Rithm Capital paid $1.7 billion to buy out Paramount Group\u2019s entire office portfolio \u2014 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 \u2014 subsequently rebranding the entity as Elecor Properties.<\/p>\n","protected":false},"excerpt":{"rendered":"

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. 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