"EAB Plaza is the ultimate Long Island address and a one-of-a-kind asset. It is a dream to own it," says Moinian, a Long Island resident for more than 30 years.

Chicago-based Jones Lang LaSalle represented the seller, a joint venture of the DeMatteis Organization and ABN-Amro Bank, in the negotiations. Howard Michaels, chairman of Carlton Advisory Group, served as finance consultant to the Moinian Group and C&K Properties. Negotiations for the property were spearheaded by David Werner, who has worked with both Moinian and C & K in numerous other transactions. C&K evaluated a potential acquisition of EAB Plaza earlier this year and then invited the Moinian Group to joint venture the deal. The two firms are 50-50 owners of the complex.

Cohen and Korman say in a joint statement that they view the acquisition as a "long-term commitment to the finest office property on Long Island, and the first of what we hope will be other acquisitions of quality assets in Nassau and Suffolk Counties."