Macklowe angles for 510 Madison buy-back

510 Madison Avenue and Harry Macklowe

Harry Macklowe is angling to buy back the mortgage on his 30-story 510 Madison Avenue, despite bids from other investors, including Douglas Durst, co-president of the Durst Organizaton, the Observer reported today, based on rumors confirmed by several unnamed sources. Union Labor Life Insurance Company, the first mortgage holder, has given the building’s debt a $150 million price tag, down $100 million from its original value. The Midtown building, which sits on the corner of 53rd Street, currently counts just one retailer as a tenant — the rest of the building is vacant.