Elliot Spitzer Of Spitzer Enterprises Acquires Office Condo From SK Corp For $10M In Midtown
55 East 59th Street
$10,000,000
$437/SF
Building Size
22,861 SF
Asset Type
Office
Closing
Aug 25, 2025
About this deal
AI
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.
On the Map
$10,000,000
$437/SF
Office
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Players
New York Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Deal FAQ
About $437 per square foot on a published $10M for 22,861 square feet (2025).
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.59%
Cash-on-Cash
-0.45%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93