SL Green can’t foreclose on 510 Madison yet

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

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SL Green Realty is going to trial with Macklowe Properties over 510 Madison Avenue. SL Green, which recently purchased the debt on the 30-story tower and also picked up 600 Lexington Avenue from Hines Interests earlier this week, had planned to foreclose and take control next week on the grounds that Macklowe violated the terms of the loan. Macklowe’s lawyers said Harry Macklowe and his son, Billy, were entitled to two six-month extensions. A New York state Supreme Court judge ruled earlier today that the ownership battle will have to be settled in a trial, for which the date remains unclear. The property has only one tenant, investment firm Jay Goldman & Co., which is ensnarled in another legal battle with Macklowe as it tries to back out of the lease. [Crain’s]

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