SL Green exec pay fell in 2008

From left: Marc Holliday, Stephen Green

Total compensation for SL Green Realty’s senior executives dropped between 45 and 54 percent last year, Crain’s New York Business reported. CEO Marc Holliday earned $5.8 million in 2008, a 52 percent drop from his $11.6 million compensation in 2007. But Holliday’s base pay rose 37 percent, to $824,444, due to a cost of living increase mandated in his contract. Chairman Stephen Green’s compensation package hit $3.3 million, a 21 percent drop from 2007. SL Green, Manhattan’s largest landlord, saw its quarterly revenues increase 3.9 percent year-over-year in the first quarter of 2009.