You can get the item from the ContextMenu itself. The menu has it's DataContext set to the element that is being bound to. Simply get the DataContext and you're off!
private void AddFavorite(object sender, RoutedEventArgs e)
{
var element = (FrameworkElement)sender;
ItemViewModel obj = element.DataContext as ItemViewModel;
if (obj == null) return;
NavigationService.Navigate(new Uri("/Page.xaml?id=" + obj.Id + "&fav=true", UriKind.Relative));
}