Search
 

$200M EAB Plaza Sale Completed

UNIONDALE, NY-The new owners of the EAB Plaza have big plans for the 1.1 million sf property they acquired for $200 million. They intend to spend $100 million developing up to 350,000 sf of new office space.

By Barbara Jarvie | Updated on September 08, 2003

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.