Historic Bowery Savings Bank Building Sells for $20M Through Bankruptcy Process
Historic Bowery Savings Bank Building Sells for $20M Through Bankruptcy Process
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July 22, 2025 | New York City
One of the most notable commercial real estate transactions in New York City this week was the $20 million sale of the former Bowery Savings Bank at 130 Bowery. The sale occurred through a bankruptcy case and represents a significant drop from its last sale price of $33 million in 2017.
The property’s previous owners, Michael and David Marvisi, had been trying to offload the asset for years, but repeated sale attempts fell through. The building is a recognizable landmark on the Lower East Side, known for its classical architecture and potential as a high-profile redevelopment site.
The new owner is Ilya Zavolunov, who was represented by Ripco’s Michelle Abramov in the deal. The bankruptcy estate and plan administrator were represented by Meridian Capital Group’s David Schechtman and Helen Hwang, signaling the property’s potential comeback under new ownership.
This deal was part of a day that saw over $470 million in real estate transactions citywide, highlighting continued investor interest in Manhattan assets—despite market headwinds and declining valuations on some legacy properties.
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