The Real Deal New York

From the May issue: As the commercial credit crisis kicks into high gear in the New York market, SL Green, the city’s largest commercial landlord, has found itself in the center of a growing storm. The publicly traded investment trust, which owns 29 office buildings in Manhattan alone, is facing the sudden reality of holding billions of dollars in commercial debt in a real estate market that is rapidly declining. After years of making highly leveraged deals, led by the mammoth $6 billion acquisition of rival real estate investment trust Reckson Associates in 2007, the company is now awash in a sea of debt. What’s worse, it’s on a ship that is leaking revenue in the form of dropping commercial rents.