The prize, named in honor of the late award-winning lyricist, includes $50,000.
Cohen's many credits include The Opposite of Sex, The Big Time, No Way to Treat A Lady, The Gig, Children's Letters to God, Boozy, Barnstormer, and his newest work, Nine Lives, written with Dan Elish.
Among the guests at the ceremony were last year's winners of the Fred Ebb Award, Marcy Heisler and Zina Goldrich. Additional guests included Heidi Blickenstaff, Douglas Carter Beane, Sheldon Harnick, John Kander, David Thompson, and Karen Ziemba.
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