Movie Gallery founder buys at Plaza

The founder of the Movie Gallery chain of video stores has closed on a condo at the Plaza Hotel for $4.47 million, according to city records. Joe Malugen just resigned from the compnay’s board of directors last week. He co-founded the chain in 1985 and served as its CEO and board chairman until May. Malugen bought unit 606, a 1,676-square-foot apartment with two bedrooms and two bathrooms. Movie Gallery, which owns Hollywood Video, is North America’s second-largest movie rental company. It is selling more than 300 movie rental stores, including a Hollywood Video store in Park Slope. TRD