SL Green buys up 510 Madison debt

December 10, 2009 11:23AM

510 Madison Avenue and Marc Holliday of SL Green

SL Green Realty has purchased the construction loan on 510 Madison Avenue, despite rumors that embattled owner Harry Macklowe was gunning for the debt buy-back. The deal came through yesterday for an undisclosed amount, although the original loan was valued at $185 million, according to an unnamed possible buyer. SL Green’s move represents what some industry insiders say could lead to its eventual ownership of the struggling tower. “While the commercial office sales market in Midtown has been in an essential deep freeze, we have been actively exploring opportunities on the structured finance front,” Marc Holliday, CEO of SL Green, said.

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