SC Holdings in contract to pay $26M for historic Bowery Savings Bank in Chinatown

SC Holdings, a diversified investment company based in the Financial District, is in contract to pay $26 million for the historic Bowery Savings Bank building at 130 Bowery, in Chinatown, Manhattan, with a closing set for the end of October, according to court filings.

The owners of the building, the Los Angeles-based Michael Marvisi and David Marvisi, are the sellers. They filed a bankruptcy petition in Manhattan in August 2022, six months after their lender filed a pre-foreclosure action in Manhattan federal court. Daniel Haimovic of SC Holdings signed the contract for the buyer. Michael Marvisi and David Marvisi each signed as the sellers.

The Marvisi brothers put the property into bankruptcy just before a foreclosure trial over the defaulted $12 million loan was about to start.

SC Holdings was founded by Jason Stein and Daniel Haimovic. Haimovic, through SC Holdings, is chairman of the Saga Hospitality Group, which is behind two Michelin star restaurants in New York.

According to the contract rider, “the Purchase Price shall be allocated $25,700,000 toward the Land and the Building (“Realty Purchase Price”) and $300,000 toward the Personalty… that the Event Contracts for all Scheduled Events slated to occur from and after January 20, 2024, if any, are terminated effective immediately… [Marvisi] may continue to execute Event Contracts and accept Event Deposits for Scheduled Events slated to occur prior to the Surrender Date… Purchaser shall not, directly or indirectly, assign this Agreement or any of its rights hereunder without the prior written consent of Seller.”

The contract, dated May 12, 2023, was negotiated within the bankruptcy court proceedings.

David Schechtman of Meridian Capital Group was identified as the broker for the seller, and Neil Seth of Cushman & Wakefield for the buyer, according to the bankruptcy filings.

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.

The city designated the 1894 building a city Landmark in 1966.

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