Crain's filed an update late yesterday on a rare Curbed commercial favorite, the roasted-but-not-done 510 Madison Avenue. Begun at a time when hedge funds had, well, funds, and perhaps inspired by developer Harry Macklowe's original condo-hotel plan for the site, the building has a 20-yard swimming pool. But only one tenant (an investment firm) has signed on to swim in it, and that tenant wants out. Nor is that the building's only problem: Crain's reports that SL Green Realty Corp. has purchased 510 Mad's senior construction loan for an unknown price (original worth: $185 million), which could be the first step in taking over the building from Macklowe Properties. After unmet promises of completion last summer, word is that the tower is supposed to open next year. We're penciling it in -- maybe we can be the first ones into the pool this time.
· SL Green snaps up loan on 510 Madison [Crain's]
· 510 Madison Avenue coverage [Curbed]