LA owners put landmarked 130 Bowery with $12M loan into bankruptcy before trial

The Los Angeles-based owners of the landmarked Bowery Savings Bank building at 130 Bowery in Chinatown put it into bankruptcy just before a foreclosure trial over the defaulted $12 million loan was about to start this week.
Michael Marvisi, who owns the property with his brother David Marvisi, signed the bankruptcy petition filed in Manhattan on Friday.
The Marvisis through the entity 130 Bowery Acquisition LLC bought a 60 percent stake in the building in 2005 for $7.5 million and bought the remaining 40 percent in 2012 for $3.46 million, though a stake in the air rights was not included in either of those sales.

In 2017 the owners took out a loan originated by Cantor Commercial and securitized into and sold to bondholders through CCUBS Commercial Mortgage Trust 2017-C1. The lenders through the special servicer Wells Fargo as the trustee for the bondholders filed to foreclose on the loan in federal court in Manhattan in February 2022, alleging the loan was in default. The total debt and fees, interest, taxes and other charges is $19.128 million, according to court filings.

Bloomberg reported in 2019 the owners wanted to sell the property via an auction and the broker estimated it would sell for more than $50 million. Crain’s reported in March 2022 that the building was put on the market for $35 million.

Foreclosure filing: LINK
Bankruptcy filing: LINK

Direct link to Acris document. link