$200M EAB Plaza Sale Completed

UNIONDALE, NY-Galaxy LI Associates, a joint venture between the Moinian Group and C&K Properties in conjunction with David Werner, has completed the acquisition of EAB Plaza, the largest premiere office complex on Long Island, for approximately $200 million. C&K principals Meir Cohen and Ben Korman and Joseph Moinian, CEO of the Moinian Group note that they are currently working with the Town of Hempstead on a proposal to expand the 1.1 million sf, two-building Class A complex by spending $100 million to develop up to 350,000 sf of new office space on an adjacent eight-acre parcel included in the sale. Moinian tells GlobeSt.com that they are starting a kick-off marketing campaign to find a tenant or tenants interested in the new space. Construction would begin once a lease arrangement is made.

“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.