Ilya Zavolunov pays $20M for bankrupt Bowery Savings Bank building in Little Italy

Ilya Zavolunov through the entity 130 Bowery IZ LLC paid $20 million through a bankruptcy process for the Bowery Savings Bank retail building (K2) at 130 Bowery in Little Italy, Manhattan. The expected use is owner-occupied. The former owners were Michael Marvisi and David Marvisi, who put the building into bankruptcy.
The deal closed on July 9, 2025 and was recorded on July 21, 2025. The property has 32,700 square feet of built space and 57,607 square feet of additional air rights for a total buildable of 90,312 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $611 and the price per buildable square foot is $221 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Michael Marvisi and David Marvisi was Thomas A. Draghi. The signatory for Ilya Zavolunov was Ilya Zavolunov. The contract date was April 14, 2025. This was a Southern District bankruptcy, number 22-11109-jpm.

David Schechtman of Meridian Capital Group brokered the sale.

Ilya Zavolunov financed the purchase with a $13 million loan from Ellington Management Group.

The Real Deal reported earlier this month that Ilya Zavolunov was the buyer.

A prior contract vendee for the property had a contract to pay $26 million but it was terminated.  The former owners, Michael Marvisi, who owned the property with his brother David Marvisi, put it into bankruptcy in 2022.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Ilya Zavolunov had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Michael Marvisi had not purchased any other properties and had not sold any properties over the same time period.

The property

The retail building in Little Italy has 32,700 square feet of built space and 57,607 square feet of additional air rights for a total buildable of 90,312 square feet according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 201 feet deep with a total lot size of 15,002 square feet. The lot is irregular. The property is in the Individual Landmark. The city-designated market value for the property in 2022 is $18.2 million.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Little Italy, The bulk, or 33 percent of the 4.1 million square feet of commercial built space are office buildings, with walkup buildings next occupying 25 percent of the space. In sales, Little Italy has 1.3 times the average sales volume among other neighborhoods with $342.1 million in sales volume in the last two years and is the 24th highest in Manhattan. For development, Little Italy has had very little major development activity relative to other neighborhoods.It had 114,616 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 12 of the 35 commercial properties representing 159,026 square feet of the 453,804 square feet. The largest owner is Abraham Daniels, followed by Isacco Rosso and then James Fong.
There are no active new building construction projects on this tax block.

The majority, or 49 percent of the 453,804 square feet of built space are walkup buildings, with hotel buildings next occupying 18 percent of the space.

The buyer

The PincusCo database currently indicates that Ilya Zavolunov owned at least two commercial properties with 12 residential units in New York City with 6,630 square feet and a city-determined market value of $908,000. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. They are all located in Brooklyn.

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