EAB Plaza, a major Long Island office property, has sold for roughly $200 million. Galaxy LI Associates, a joint venture between New York-based real estate developer Moinian Group and C&K Properties, were the buyers.
Galaxy LI is now working with the town of Hempstead to expand the 1.1 million sq. ft., Class-A complex by nearly 350,000 sq. ft. on an adjacent eight-acre parcel. That acreage was included in the sale package.
Cushman & Wakefield will be the exclusive leasing and management agent for the property.-based Jones Lang LaSalle represented the seller, a joint venture of the DeMatteis Organization and ABN-Amro Bank, in the negotiations.
C&K considered buying EAB Plaza earlier this year before inviting The Moinian Group to partner with them in the. The two firms are 50/50 owners of the complex.