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Elliot Spitzer Of Spitzer Enterprises Acquires Office Condo From SK Corp For $10M In Midtown

Property Image
SOLD
$10,000,000
Joseph Grotto

New York

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Office22,861 SF
Sold 08/26/2025
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Property Image
SOLD

Elliot Spitzer Of Spitzer Enterprises Acquires Office Condo From SK Corp For $10M In Midtown

55 East 59th Street

See Similar Deals
Office22,861 SF
Sold 08/26/2025
Joseph Grotto
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Summary

NEW YORK
Asset Type:Office
Price Per Square Foot:$437
Total Square Footage:22,861 SF
Transaction Type:Sale

The property asset involved in this transaction is an office condo located at 55 East 59th Street, encompassing the 10th and 11th floors. The sale price for this asset was $10,000,000, which equates to a price per unit of $5,000,000. The total square footage is 22,861, resulting in a price per square foot of $437. This transaction took place within the Midtown/Plaza District.

Summary of transaction details:

  • Property Type: Office Condo
  • Transaction Amount: $10,000,000
  • Buyer: Elliot Spitzer - Spitzer Enterprises
  • Seller: SK Corp - Hyejoo Kim
  • Seller's Representative: Will Conrad, Joseph Grotto & James Galef - Cushman & Wakefield
  • Units: 2
  • Square Footage: 22,861
  • Price Per Unit: $5,000,000
  • Price Per Square Foot: $437

The key individuals involved in this deal include Elliot Spitzer, representing Spitzer Enterprises as the buyer, and Hyejoo Kim of SK Corp as the seller. The seller's representatives were Will Conrad, Joseph Grotto, and James Galef from Cushman & Wakefield, who facilitated the transaction on behalf of the seller.

Players

Will Conrad
26 deals$263.3M volume
BROKER

Joseph Grotto
Cushman & Wakefield
4 deals$14.6M volume
BROKER


Cushman & Wakefield
BROKERAGE

Details

SOLD
IMAGE: Will Conrad, Joseph Grotto & James Galef DATE: 8/26/2025 ADDRESS: 55 East 59th Street, 10th & 11th Floor MARKET: Midtown/Plaza District ASSET TYPE: Office Condo BUYER: Elliot Spitzer - Spitzer Enterprises SELLER: SK Corp - Hyejoo Kim SELLER'S REP: Will Conrad (@WTconrad), Joseph Grotto & James Galef - Cushman & Wakefield (@CushWake) SALE PRICE: $10,000,000 UNITS: 2 ~ PPU: $5,000,000 SF: 22,861 ~ PPSF: $437

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$533,333.33

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$35,527.90
Cash-on-Cash Return-1.27%
Monthly Debt Service$47,405.10
Annual Debt Service$568,861.22