NEW YORK CITY-SL Green Realty Corp., which has sought to take control of 510 Madison Ave. from Macklowe Properties, has reached a deal with Macklowe, Crain’s New York Business reported Monday afternoon.
Under the agreement, Macklowe will have until March 1, 2011 to repay approximately $253.2 million in debt to SL Green or face a non-contested foreclosure on the 30-story office property. In addition, Macklowe will have to make a loan extension payment of $822,500 by this Sept. 1, Crain’s reported.
Last year, SL Green bought two discounted loans on 510 Madison, a boutique office tower Macklowe is developing, and then sought to foreclose on it, alleging violations of the credit terms. Macklowe said it was entitled to two six-month extensions on the loans, which were due this past March.
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