Ilya Zavolun and the Rebirth of Capitale

After acquiring the landmark Bowery Savings Bank building, the hospitality entrepreneur is restoring one of New York City’s most extraordinary architectural treasures and ushering in a new era for luxury events.

Photo Credit: Courtesy of Lyss Lester

In a city defined by constant reinvention, few places carry the weight of history quite like Capitale.

Nestled in the heart of Lower Manhattan, the landmark venue occupies the former Bowery Savings Bank, a Beaux-Arts masterpiece originally completed in 1893 and designed by renowned architect Stanford White. For generations, the soaring marble interiors, monumental Corinthian columns, intricate detailing, and grand proportions have made the building one of New York City’s most remarkable architectural treasures.

Today, a new chapter is unfolding under the stewardship of hospitality entrepreneur Ilya Zavolun.

Photo Credit: Courtesy of Capitale

Following his acquisition of the historic property, Zavolun has embarked on an ambitious effort to restore, preserve, and reposition Capitale for a new generation while honoring the building’s extraordinary legacy. Rather than fundamentally altering the space, his vision centers on enhancing what has always made Capitale exceptional.

“Buildings like this are irreplaceable,” says Zavolun. “My responsibility is not to reinvent Capitale, but to preserve its beauty, protect its history, and ensure that it continues to play an important role in New York City’s cultural and social life for decades to come.”

That philosophy has guided significant investments into the property, including restoration efforts and improvements designed to elevate the guest experience while maintaining the integrity of one of Manhattan’s most celebrated landmark interiors.

Photo Credit: Courtesy of Lyss Lester

The project reflects a broader belief that authentic experiences have become the ultimate luxury.

At a time when much of modern life exists online, Zavolun sees tremendous value in creating spaces where people can gather, celebrate, and connect in person. From fashion shows and charity galas to cultural events, corporate gatherings, weddings, and private celebrations, Capitale has long served as a backdrop for some of New York’s most memorable occasions.

For Zavolun, the venue’s future lies in building upon that tradition.

“Luxury today is about experience,” he says. “People want to be somewhere meaningful. They want to feel the history of a place. They want to create memories in spaces that have character and significance. Capitale offers something that simply cannot be replicated.”

The timing is notable. As New York continues to experience a renewed appetite for live events, hospitality, and experiential gatherings, demand for distinctive venues has never been stronger. Yet few properties possess the architectural pedigree and emotional resonance of Capitale.

Walking through the venue, guests are immediately struck by the sense of grandeur. Natural light pours through towering windows. Marble surfaces gleam beneath ornate detailing. Every corner serves as a reminder of an era when architecture was designed to inspire awe.

For Zavolun, preserving that feeling is central to the property’s future.

His vision for what many are calling “Capitale 2.0” is not about changing the identity of the venue, but rather ensuring that its next chapter is every bit as meaningful as its past. Through thoughtful stewardship, strategic investment, and a deep appreciation for New York’s architectural heritage, he is positioning Capitale once again as one of the city’s premier destinations for extraordinary events.

In doing so, Zavolun is helping preserve more than a building. He is safeguarding a piece of New York history.

As the city continues to evolve, landmarks such as Capitale remind us that progress and preservation need not exist in opposition. Under Zavolun’s leadership, one of Manhattan’s most iconic spaces is proving that great architecture, great hospitality, and great experiences never go out of style.

For New Yorkers, the rebirth of Capitale represents something larger than the revival of a venue. It is a testament to the enduring power of places that bring people together, and to the individuals willing to invest in protecting them for future generations.

Disclaimer: Written in partnership with APG.