Rithm Capital, DRA Advisors JV on Midtown Manhattan Offices
Why this matters
Office continues to trade in two distinct markets: trophy assets in walkable submarkets that are leasing at or near record rents, and commodity Class B and C buildings where the basis is still resetting. Underwriting on the latter has moved toward replacement-cost-minus, with credit underwriting now leaning on tenant covenant and remaining lease term rather than mark-to-market expectations. New York continues to bifurcate sharply: trophy office leasing at record rents, commodity Class B in conversion discussions or court-supervised processes. Rent-stabilized multifamily remains supply-constrained and tightly held. For LP-positioned capital, the read-through is that the bifurcation is now a structural feature of the sector, not a cycle to wait out.
Editorial analysis · Real Estate Trail Editorial
On the RET wire
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Computed from Real Estate Trail’s own tracked coverage
Rithm Capital Corp. has closed on a joint venture with a fund managed by DRA Advisors LLC for the ownership of 1301 Ave. of the Americas, one of the flagship assets in the New York City office portfolio of Elecor Prop…
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