Macklowe, SL Green agree on 510 Madison

June 28, 2010 03:00PM

510 Madison Avenue, Harry Macklowe of Macklowe Properties (top) and Marc Holliday of SL Green (bottom)

Harry Macklowe and SL Green Realty have reached an agreement on 510 Madison Avenue, the 30-story tower on which SL Green recently purchased the debt and then tried to foreclose. The ownership battle headed to court earlier this year, hindering already-struggling efforts to lease the building. Under the agreement, Macklowe has until next March to repay loans to SL Green. The balance on those loans as of March of this year, when the loans were due, was around $253.1 million, plus $131,548 in interest. If Macklowe fails to pay it back by the deadline — plus a loan extension payment of $822,500 by Sept. 1 — he has agreed not to fight an SL Green foreclosure. Thus far, Macklowe has signed just one tenant for the building, investment firm Jay Goldman, which is trying to back out of the lease. [Crain’s]