Michael Nierenberg's Rithm Capital has formed a joint venture with DRA Advisors for ownership and operation of 1301 Avenue of the Americas in New York. DRA Advisors is taking a 49 percent stake in the property, which is valued at $1.3 billion according to sources familiar with the transaction.
The deal marks a significant capital partnership for Rithm Capital, which retains majority ownership of the Manhattan office tower. The property sits in a prime Midtown location on Sixth Avenue. Rithm Capital, which has deep roots in real estate finance and servicing, continues to expand its commercial real estate portfolio through strategic partnerships.
DRA Advisors' entry into the ownership structure brings additional capital and operational expertise to the property. The joint venture structure allows both companies to share management responsibilities and investment returns. The arrangement positions the building for continued operations and potential value enhancement in the competitive Manhattan office market.
Details regarding management roles, capital contributions beyond the equity stake, or strategic plans for the property were not disclosed in available sources.