Developer Harry Macklowe sued to stop SL Green Realty Corp. from foreclosing on the 30-story office tower at 510 Madison Ave. in Manhattan.
Macklowe, 72, is seeking to extend yesterday’s maturity date on loans SL Green bought on the property in December and February, according to a 36-page complaint filed yesterday in New York State Supreme Court.
SL Green, New York’s biggest office landlord, has said it will start foreclosure proceedings on the senior loan after the maturity, the complaint said.
The lawsuit claims SL Green rejected the borrower’s right to extend the maturities for as long as a year.
A Feb. 9, 2009, fire caused “massive, widespread and devastating damage” to the tower, entitling him to the extension, the complaint said.
Rick Matthews, a spokesman for New York-based SL Green, declined to comment.
Macklowe and SL Green are battling for control of the 350,000 square-foot building on the southwest corner of Madison Avenue and East 53rd Street, which was designed to accommodate hedge funds and smaller financial firms.
“We think it’s a terrific asset,” SL Green Chief Executive Officer Marc Holliday said during the company’s Jan. 26 fourth- quarter earnings conference call. “We’re confident that we’re going to meet or exceed our investment objectives.”

