DRA Advisors Acquires 49% Stake In 1301 6th Avenue Office Tower For $637M

The asset involved in this transaction is an office property located at 1301 6th Avenue in Manhattan. The property has a total value of $1,300,000,000 and encompasses 1.7 million square feet. The buyer, DRA Advisors, has acquired a 49% stake, amounting to a value of $637,000,000, in this fully leased property.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $1,300,000,000
• Address: 1301 6th Avenue
• Market: Manhattan
• Buyer: David Luski - DRA Advisors
• Seller: Michael Nierenberg - Rithm Capital
• Stake: 49% ~ Value: $637,000,000
• Brokers: Adam Doneger, Adam Spies & Benjamin Lushing - Newmark

Rithm Capital will retain a 51% stake in the property and will manage it through Elecor Properties. The transaction was arranged by Newmark, showcasing the collaboration between the involved parties to facilitate the joint venture for the operational management of the asset.