Random Pedestrian: Malc #2
Malc wants you to prove you've got balls and take part in a race with him.
Get a bike and head to the start point. After that it's just a regular street race where you can whack people off with the bat.
I ended up coming 3rd because I got hit down an alleyway at the start and couldn't get turned around, so I don't know the reward for winning. You can only do the mission once, so maybe make a save game before it if you want to guarantee a victory. Whether you win or lose, this mission is complete.
I don't remember getting any reward for finishing first (as I did win the race), but I might've overlooked it - it is a pity that in GTA IV information about cash being made from a mission doesn't appear in the middle of the screen in huge font like it did in previous GTA installments. Those tiny figures in the corner are almost invisible and sometimes I just don't notice 'incoming transfers'.