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Around 10 persons are still feared trapped after the building caved in at 3.40 am, police said, adding search operations are underway.
Personnel of the Thane Disaster Response Force (TDRF) were seen pulling out the boy from the debris and feeding him water.
Bhiwandi is a powerloom town around 10 km from Thane.
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A team of the National Disaster Response Force (NDRF) rushed to the spot. NDRF DG S N Pradhan said the team was using a canine squad to search persons trapped in the debris.
A portion of the building collapsed and many occupants were trapped in the debris of the collapsed building, a Thane Municipal Corporation official said.
It was not known how old was the Jhilani building, as it was called, and if it was in the list of dilapidated structures marked by the civic body, the official said.