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DRA Advisors takes 49% stake in 1301 Avenue of the Americas JV

The Midtown Manhattan, 45-story office tower is valued at $1.3 billion, with Rithm Capital retaining a 51% majority stake and operating the property through its Elecor Properties unit.

Reported · Written up by our desk · Commercial

Rithm Capital has formed a joint venture with DRA Advisors to own and operate 1301 Avenue of the Americas, a Midtown Manhattan office tower, Commercial Observer reported.

DRA Advisors is taking a 49% stake in the property, which is described as being valued at $1.3 billion. Rithm Capital will retain a 51% majority stake and run the building through Elecor Properties, a Rithm Capital subsidiary.

The 45-story, 1.7 million square foot tower is managed by Elecor Properties. Commercial Observer also said a Newmark team arranged the transaction.

In a statement, a Newmark team member, Adam Doneger, said DRA’s investment reflects confidence in both the building and the broader New York City office market.

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