The Real Deal New York

Property Markets Group plans resi project in Chelsea

Building to replace 38,000 sf commercial structure at 548 West 22nd Street
By Claire Moses | January 21, 2015 11:23AM

Kevin Maloney’s Property Markets Group is planning to convert a four-story commercial building at 548 West 22nd Street into a 19-story residential development, according to a permit application filed with the city today.

Property Markets Group, which was founded by Maloney, bought the property in partnership with the Harch Group for $40 million last year, as The Real Deal reported. The building will have 55,417 square feet of residential space for 26 units, according to the plans, and include a 6,383-square-foot retail component on the ground floor. The second through 14th floors will each have two residential units. The 15th through 17th floors will have full-floor units and the top two stories will house a duplex.

The current structure is nearly 38,000 square feet.

According to the plans, the developer will add 15 stories to the building. The project also includes 15 parking spaces.

A representative from Property Markets Group declined to comment. The developer’s New York projects include 111 West 57th Street and the Stella tower at 425 West 50th Street, both in partnership with Michael Stern’s JDS Development Group.