By Erin Levi
In a move that signals a seismic shift in New York’s luxury events landscape, Ilya Zavolunov, the renowned Bukharian Jewish entrepreneur and Queens hospitality mogul behind premier catering and event venues like Da Mikelle Palazzo and Da Mikele Illagio, has acquired the iconic former Bowery Savings Bank building at 130 Bowery for $20 million.
The acquisition, which includes all rights to operate Capitale–one of Manhattan’s most prestigious event venues–represents a historic milestone for the Bukharian community’s presence in prime New York real estate.
Zavolunov, who brings three decades of catering and hospitality expertise to this landmark purchase, will begin hosting events at the spectacular venue starting September 1, 2025. The acquisition comes after a complex bankruptcy process that saw previous owners Michael and David Marvisi struggle with mounting debt during the pandemic.
«Cipriani, watch out. The city is about to see a major change,» declared Zavolunov, clearly relishing the opportunity to compete with Manhattan’s most established luxury venues.
A Community’s Triumph
For the Bukharian Jewish community, predominantly based in Queens, Zavolunov’s acquisition represents far more than a business transaction–it’s a cultural victory that places the community at the heart of New York’s most exclusive events industry. When asked about the purchase and the opportunity it represents for the Bukharian community, commercial real estate attorney Leo Jacobs, PC offered a fitting assessment: «Fortune favors the bold.»
«I feel great–excited and satisfied about our move,» Zavolunov shared with The Bukharian Times. «It gives our patrons and clients the chance to step into a new reality–a different venue, but still unmistakably Da Mikelle. It’s the institution I’ve had the privilege to help build, and now I get to share that legacy in a fresh way with our guests.»
From Financial Distress to New Ownership
The path to Zavolunov’s acquisition reads like a cautionary tale of New York real estate during turbulent times. The Marvisi brothers had valued their property at $33 million in 2017, when it was successfully leased to Capitale NYC. Their ambitions grew in 2019 when they attempted an auction hoping to fetch as much as $50 million, but found no buyers.
The pandemic proved devastating. Capitale NYC began missing payments, and by August 2020, the owners defaulted on their $12 million Wells Fargo loan. The interest rate subsequently surged to a crushing 9.8 percent, making debt management nearly impossible.
The Marvisis filed for Chapter 11 bankruptcy protection in 2022, attempting to sell first for $35 million, then $26 million. When those deals collapsed, lenders seized control and put the property up for auction once more–where Zavolunov emerged as the winning bidder.
«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,» Ripco’s Michelle Abramov, who represented Zavolunov in the purchase, told The Real Deal. The sellers, initially planning an auction, ultimately chose a direct sale with the experienced restaurateur.
«I think that reflected Ilya’s long and successful history in this business,» Abramov explained. Sheridan Capital provided a $13 million loan to finance the purchase, with a Meridian Investment Sales team led by David Schechtman and Helen Hwang representing the bankruptcy estate.
A Palace of Architecture and History
Zavolunov hasn’t just acquired a building–he’s become the steward of one of New York’s most magnificent architectural treasures. The 32,000-square-foot space, designed by legendary architect Stanford White and completed in 1895, stands as a masterpiece of Beaux-Arts design that has been listed on the National Register of Historic Places since 1980.
White, one of America’s most prominent architects and a founding partner of the prestigious firm Mc Kim, Mead and White, created a Roman classical landmark that continues to inspire awe more than a century later. The building showcases the full impact of Beaux-Arts architecture reminiscent of Chicago’s Columbian Exposition, featuring soaring 65-foot vaulted ceilings, magnificent Corinthian columns and pilasters, and a limestone interior enriched with sculptures by Frederick Mac Monnies.
The venue’s ballroom, crowned by a beautifully decorated coved ceiling and art glass skylight, ranks among New York’s most spectacular function locations. Venetian glass and marble mosaic floors add to the grandeur of this multilevel, multi-room venue that can accommodate intimate gatherings of 20 guests or grand celebrations for up to 2,000, with capacity for 650 seated guests and 1,500 for standing receptions.
Stanford White’s architectural legacy extends far beyond this single building–his portfolio includes Washington Square Arch, former Rockefeller family mansions on Fifth Avenue, the New York Herald building, The Tiffany Building, and the Boston Public Library. Tragically, White’s life ended in 1906 when he was shot at another of his creations, Madison Square Garden, in a scandal that later inspired the film «Ragtime.»
Looking Forward
With his extensive experience operating successful venues throughout Queens, including Da Mikelle Palazzo and several other restaurants and event spaces, Zavolunov is uniquely positioned to honor both the building’s historic legacy and the evolving needs of New York’s diverse communities. His commitment to accommodating all clients–maintaining both kosher and non-kosher kitchens–reflects the inclusive approach that has made his Queens operations so successful.
As Manhattan’s events industry prepares for this new chapter, one thing is certain: Ilya Zavolunov’s acquisition of Capitale represents more than a business transaction. It’s a testament to the American dream, the power of bold vision, and the growing influence of the Bukharian Jewish community in shaping New York’s cultural landscape.
We can’t wait to see what our favorite impresario has in store.
The grand reopening is scheduled for September 1, 2025.