Rithm Capital and DRA Advisors Announce Joint Venture for Ownership of 1301 Avenue of the Americas

Advances Rithm's Expansion of Asset Management Platform

NEW YORK, October 02, 2026--Rithm Capital Corp. (NYSE: RITM) ("Rithm"), a global alternative asset manager, today announced the closing of a joint venture with a fund managed by DRA Advisors LLC ("DRA") for the ownership of 1301 Avenue of the Americas, one of the flagship assets in the New York City office portfolio of Elecor Properties ("Elecor"), Rithm's real estate operating platform. Rithm, through Elecor, will continue to hold majority ownership of the asset and operate the building on behalf of the joint venture. Terms of the transaction are not being disclosed.

"We are excited to begin our partnership with DRA, which reflects our shared conviction in the long-term value of high-quality office assets," said Michael Nierenberg, Chief Executive Officer, Rithm Capital. "Strong leasing activity across New York City's 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's asset management platform while staying closely involved in the asset's long-term success."

In December 2025, Rithm acquired Elecor and its portfolio of high-quality Class A office buildings in New York and San Francisco to capitalize on a generational opportunity in the office market. Since then, Rithm has invested in capital improvements across the portfolio and scaled its asset management platform to support it. The strength of the assets and the operating company has driven strong performance and growing interest from institutional investors seeking to partner with Rithm on high-quality real estate. Rithm intends to pursue similar capital partnerships across the portfolio going forward.

"We are pleased to invest alongside Rithm in 1301 Avenue of the Americas, a premier asset in one of the country's strongest office markets," said Brett Gottlieb, Senior Managing Director at DRA Advisors. "What Rithm has built is incredibly exciting, and we look forward to combining our respective strengths at 1301 and growing the partnership from here."

A 45-story, 1.7 million-square-foot office tower located in the heart of Midtown Manhattan, 1301 Avenue of the Americas is one of New York City's trophy office assets. The building is currently fully leased, with major tenants including KeyBank, Piper Sandler, Crédit Agricole, and O'Melveny & Myers LLP. The building features a recently renovated, 32,000-square-foot private club, The Aurelian, which includes a restaurant with two private dining rooms, a fireside lounge, a café, game room, auditorium and wellness facilities.