After a failed attempt at a bankruptcy sale, the landmarked Bowery Savings Bank has a new owner.
Ilya Zavolunov, owner of a chain of bakeries and catering halls in Queens, bought the Stanford White-designed city landmark at 130 Bowery for $20 million, The Real Deal has learned.
Previous owners Michael and David Marvisi valued the property at $33 million in 2017, which at the time had been leased to the events organizer Capitale NYC. In 2019, the owners tried to sell the building at auction, hoping to fetch as much as $50 million, but no deal was made. Shortly after, Capitale NYC started to miss payments during the pandemic, and in August 2020, the owners defaulted on a $12 million loan from Wells Fargo. That caused the interest rate on their loan to surge to 9.8 percent, making it even more difficult to manage the debt.
The Marvisis put the property into Chapter 11 bankruptcy protection in 2022 and tried to sell it, first for $35 million and then for $26 million. But the deal fell through and the lenders took the property over, putting it up for sale one more time.
“This is such a unique building with only a few uses that can make it work and maximize the usage. I think Ilya was the best guy for it,” said Ripco’s Michelle Abramov, who represented Zavolunov in the purchase.
Abromov added that the sellers were planning to do an auction, but instead opted for a direct sale with the restaurateur.
“I think that reflected Ilya’s long and successful history in this business,” she explained.
A Meridian Investment Sales team led by David Schechtman and Helen Hwang represented the bankruptcy estate and plan administrator in the sale.
Sheridan Capital provided a $13 million loan to finance the purchase.
Zavolunov is the owner of Da Mikelle Palazzo events hall in Woodside, as well as several other restaurants and events spaces throughout the borough.
The building covers some 32,000 square feet and has been listed on the National Register of Historic Places since 1980. It features 65-foot vaulted ceilings and boasts design elements like large Corinthian columns.
It was designed by architect Stanford White, who was also behind the Washington Square Arch and branches of the New York Public Library.
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