Rithm Capital Forms Joint Venture for Midtown Office Asset

Rithm Capital maintains majority stake in the 1301 Avenue of the Americas building after partnering with DRA Advisors.

Updated on Oct. 27, 2026 in Commercial

The glass-clad facade of a high-rise office building in Manhattan reaching toward a clear sky. — Rithm Capital Corp. has finalized a joint venture for 1301 Avenue of the Americas, maintaining a majority stake in the Midtown office property. AI Illustration. Upload story photo >

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Rithm Capital Corp. has finalized a joint venture with a fund managed by DRA Advisors LLC for the property at 1301 Avenue of the Americas. Rithm Capital will continue to operate the Midtown office building through its platform, Elecor Properties.

Why it matters

The Midtown asset attracts investors due to its roster of credit tenants and a long weighted average lease term. Its inclusion of premium features like The Aurelian amenity space further bolsters the value of the property.

The property at 1301 Avenue of the Americas remains under the operational management of Elecor Properties, a platform owned by Rithm Capital Corp. The building is distinguished in the Midtown market by its high-end amenity space, The Aurelian.

The players

Rithm Capital Corp.

This is a publicly traded real estate investment and asset management firm that focuses on credit and mortgage-related assets.

DRA Advisors LLC

This is an investment firm that specializes in real estate asset management and institutional investment partnerships.

Elecor Properties

This is the dedicated real estate operating platform utilized by Rithm Capital Corp. to manage its commercial property portfolio.

The details

Rithm Capital Corp. retains majority ownership of the building despite the new partnership with DRA Advisors LLC. The deal allows the firm to maintain control of daily operations while leveraging the capital partnership.

The joint venture was officially closed in October 2026.

Culture Shift

This deal follows the institutional trend of JV-led office recapitalization in Manhattan. It reflects a shift toward shared ownership structures for high-value office assets in major urban centers.

For business tenants in the building, this joint venture indicates continued stability under the current management of Elecor Properties. Daily operations and access to amenities like The Aurelian are expected to remain consistent following the deal.

The takeaway

Real estate investors often utilize joint ventures to share risk while maintaining long-term operational control of prime assets. Tenants in such buildings benefit from this stability, as the property remains under established professional management.