NEW YORK CITY-SL Green Realty Corp., which has sought to takecontrol of 510 Madison Ave. from Macklowe Properties, has reached adeal with Macklowe, Crain’s New York Business reportedMonday afternoon.

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Under the agreement, Macklowe will have until March 1, 2011 torepay approximately $253.2 million in debt to SL Green or face anon-contested foreclosure on the 30-story office property. Inaddition, Macklowe will have to make a loan extension payment of$822,500 by this Sept. 1, Crain’s reported.

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Last year, SL Green bought two discounted loans on 510 Madison,a boutique office tower Macklowe is developing, and then sought toforeclose on it, alleging violations of the credit terms. Macklowesaid it was entitled to two six-month extensions on the loans,which were due this past March.

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Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.