{"id":364842,"date":"2026-10-05T14:56:26","date_gmt":"2026-10-05T14:56:26","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/364842\/"},"modified":"2026-10-05T14:56:26","modified_gmt":"2026-10-05T14:56:26","slug":"dra-advisors-buys-49-stake-in-1301-avenue-of-the-americas-commercial-observer","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/364842\/","title":{"rendered":"DRA Advisors Buys 49% Stake in 1301 Avenue of the Americas \u2013 Commercial Observer"},"content":{"rendered":"

Michael Nierenberg\u2019s Rithm Capital<\/a> has a new capital partner.\u00a0<\/p>\n

Rithm Capital has formed a joint venture with DRA Advisors<\/a> to own and operate 1301 Avenue of the Americas.\u00a0<\/p>\n

SEE ALSO: Chicago Leads CMBS Distress Among 11 Metros in MLB Playoffs<\/a><\/p>\n

Commercial Observer can first report that DRA is taking a 49 percent stake in the property, which is currently valued at $1.3 billion, according to sources close to the deal.\u00a0<\/p>\n

The 45-story, 1.7 million-square-foot office tower is managed by Elecor Properties<\/a>, a subsidiary of Rithm Capital. Rithm Capital will maintain a 51 percent majority stake and operate the building through Elecor Properties, formerly Paramount Group, which it acquired in December 2025.\u00a0<\/p>\n

A Newmark<\/a> team of Adam Doneger, Adam Spies and Ben Lushing arranged the transaction, sources said.<\/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 said Doneger in a statement.\u00a0<\/p>\n

Located in the heart of Midtown Manhattan, on the corner of Sixth Avenue and West 53rd Street, 1301 Avenue of the Americas opened in 1964 and had been known as the Cr\u00e9dit Lyonnais Building and the J.C. Penney Building. The asset is fully leased and includes tenants KeyBank, Piper Sandler, Cr\u00e9dit Agricole and O\u2019Melveny & Myers.\u00a0<\/p>\n

Nierenberg, CEO of Rithm Capital, said in a statement that his firm and DRA both hold a \u201cshared conviction in the long-term value of high-quality office assets,\u201d and that 1301 Avenue of the Americas is representative of the strong demand of the broader New York City office market.\u00a0<\/p>\n

\u201cPartnering 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 he added.\u00a0<\/p>\n

Brett Gottlieb, senior managing director at DRA Advisors, called 1301 Avenue of the Americas \u201ca premier asset in one of the country\u2019s strongest office markets,\u201d in a statement.\u00a0<\/p>\n

\u201cWhat Rithm has built is incredibly exciting, and we look forward to combining our respective strengths at 1301 and growing the partnership from here,\u201d he added.\u00a0\u00a0<\/p>\n

Last year, Rithm Capital, an alternatives firm and publicly traded mortgage REIT, acquired Paramount Group\u2019s entire office profile for $1.7 billion, and rebranded the firm as Elecor Properties in April 2026<\/a>.\u00a0<\/p>\n

The Elecor office portfolio includes 745 Fifth Avenue, 900 Third Avenue, 31 West 52nd Street in New York City and One Market Plaza and 300 Mission Street in San Francisco.\u00a0<\/p>\n

Brian Pascus can be reached at bpascus@commercialobserver.com.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Michael Nierenberg\u2019s Rithm Capital has a new capital partner.\u00a0 Rithm Capital has formed a joint venture with DRA…\n","protected":false},"author":2,"featured_media":364843,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[135256,10909,135257,34498,9,11,10],"class_list":["post-364842","post","type-post","status-publish","format-standard","has-post-thumbnail","category-new-york","tag-1301-avenue-of-the-americas","tag-adam-doneger","tag-brett-gottlieb","tag-michael-nierenberg","tag-new-york","tag-new-york-headlines","tag-new-york-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/364842","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=364842"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/364842\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/364843"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=364842"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=364842"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=364842"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}