JV Purchases EAB Plaza

UNIONDALE, NY-Galaxy LI Associates, a Manhattan-based venture formed by C&K Properties and David Werner, has agreed to purchase EAB Plaza, Long Island’s largest office complex, from Coliseum Towers Associates LP. Sources said the property sold for $185 million.

Encompassing over 1.1 million sf, including office, retail, cafeteria and mechanical space, EAB Plaza also features an outdoor ice-skating rink, an indoor waterfall, and a tropical garden in its lobby. It hosts an annual tree-lighting ceremony that will continue. The twin 15-story EAB Plaza towers were built in 1984 by Coliseum Towers Associates in a joint development venture between The DeMatteis Organizations and ABN Amro Bank, N.V. Leon D. DeMatteis Construction Corp. served as the construction manager. DeMatteis will continue to have a presence at the property.

Galaxy LI Associates is a private investment group headed by C&K Properties and David Werner. Galaxy has engaged a real estate investment bank, Carlton Advisory Services, to arrange the financing. C&K Properties, headed by Meir Cohen and Ben Konnan, is a commercial real estate firm with diversified holdings throughout New York City totaling in excess of 2 million sf. C&K holds the master lease for Pier 40 at Houston Street and Hudson River Park and is under consideration as the long-term developer for a $150 million recreational, cultural and commercial use of that 150-acre waterfront site.

At the beginning of this year, GlobeSt.com reported Jones Lang LaSalle was engaged to facilitate the sale, which is expected to close this summer.