George Malkemus borrows $8M from Signature Bank for property in Plaza District

George Malkemus through the entity M&Y Realty I LLC as borrower signed a loan agreement with lender Signature Bank valued at $8 million for 2 parcels, including the tax class office building with commercial with one to six stories (O5) at 33 West 54th Street and 31 West 54th Street in the Plaza District. The deal closed on August 12, 2020 and was recorded on September 4, 2020.
The property has 32,126 square feet of built space and available development rights.
The average loan per buildable square foot is $249.
The financing includes a $5.3 million gap loan. Malkemus acquired one of the buildlngss on June 22, 2017, for $10,675,000.

Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $884,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link