Savoia was last seen on Thursday at club "Marquee" on the West Side just before four in the morning. Detectives believe Savoia slipped and fell into the Hudson River after going to his boat that he lived on, docked 10 blocks south of Marquee on West 17th Street.
Savoia was first reported missing Saturday morning by his driver.
Savoia was a well-known tailor and menswear designer. He was supposed to meet his ex-girlfriend on Valentine's Day night but never showed up.
He made suits for celebrities such as Robert DeNiro and Matt Dillon and worked on Broadway costumes.
"He could be difficult, but he was also the most incredible loving friend," said friend Kevin Dalton, "he would literally give you the shirt off his back, even if it cost $5,000."
Dalton says that he believes Facebook and technology helped police find Savoia's body.
"We kept posting, and any time someone posts, it will send a ping to the phone, so that helped," Dalton said, "In my heart, I knew he was there."
Savoia also taught at the Fashion Institute of Technology. He owned a store called "House of Savoia" on the Lower East Side.
Savoia has a 23-year-old daughter.
No funeral arrangements have been made.