Ilya Zavolunov, a Queens-based restaurateur and owner of Da Mikelle Palazzo, purchased the landmarked Bowery Savings Bank at 130 Bowery for $20 million. The 32,000-square-foot building, designed by Stanford White and listed on the National Register of Historic Places, features 65-foot vaulted ceilings and Corinthian columns. Zavolunov secured $13 million in financing from Sheridan Capital and was represented by attorney Leo Jacobs and broker Michelle Abramov of Ripco.
The property’s previous owners, Michael and David Marvisi, leased it to Capitale NYC and valued it at $33 million in 2017. They tried to auction it for $50 million in 2019, but failed. After Capitale fell behind on payments during the pandemic, the Marvisis defaulted on a $12 million Wells Fargo loan. Interest spiked to 9.8%, and they entered Chapter 11 bankruptcy in 2022. Meridian’s David Schechtman and Helen Hwang brokered the final sale on behalf of the bankruptcy estate.
