18 Christopher Street & 20 Christopher Street
This is a small-scale West Village multifamily acquisition by Dalan Management, a reputable and experienced NYC operator with a strong track record in the borough. The $1,820 PPSF is consistent with comparable sales in the submarket, though the deal calculator flags a DSCR of 0.94x at typical leverage, indicating the asset does not currently cover debt service — a meaningful underwriting concern for a lender. The West Village commands premium pricing due to its supply-constrained, high-demand residential character, supporting long-term asset value even if near-term cash flow is tight. The seller has no distress flags and the brokerage team from Marcus & Millichap is highly experienced, reducing execution risk. Overall, this is a creditworthy sponsor in a strong submarket, but the thin debt coverage at current pricing warrants conservative loan sizing or additional equity cushion.
Deal Stats
Parties
Seller / Landlord
Lionel Nazarian ()
Lionel Nazarian appears to be a private individual investor with a modest transaction history of 6 deals totaling approximately $33.3M in volume, consistent with a smaller-scale landlord divesting legacy West Village multifamily holdings. No red flags or distress indicators are associated with this party.
Buyer / Tenant
Danny Wrublin, Andy Wrublin & James Glassman - Dalan Management
Dalan Management is a well-established NYC multifamily owner-operator with a long track record of acquiring and managing rent-stabilized and free-market residential properties across Manhattan and Brooklyn. The Wrublin family has been active in the NYC multifamily space for decades, known for disciplined acquisitions in high-barrier-to-entry submarkets like the West Village.
Score Analysis
What this score means
A Grade B score indicates this deal qualifies for financing at up to 70% LTV, subject to full underwriting. Most deals at this level proceed to a term sheet within 2 business days.
Why this score
Sponsor Credibility
Dalan Management has decades of proven experience acquiring and managing stabilized multifamily in high-barrier submarkets like West Village, reducing execution and operational risk.
Submarket Fundamentals
West Village's supply-constrained, high-demand character provides strong long-term value appreciation potential despite near-term cash flow pressures.
Debt Service Coverage Ratio
DSCR of 0.94x indicates the asset cannot fully service debt at typical leverage levels, creating refinance risk and limiting lender flexibility.
Pricing Alignment
$1,820 PPSF is market-consistent for West Village comparable sales, though it reflects premium valuation that leaves limited margin for error on income projections.
Seller Profile
Non-distressed private seller with modest transaction history and no red flags reduces adverse selection risk and supports clean title/condition assumptions.
How to improve
The following actions could meaningfully improve this deal's Homage score. Each suggestion is based on the deal's profile, asset type, and current rating — addressing them before approaching a lender can increase approval likelihood and lower borrowing costs.
Increase Equity Injection
Target 40%+ equity vs. standard 30-35% to raise DSCR above 1.1x and improve lender appetite, enhancing financing certainty.
Execute In-Place Rent Review
Conduct granular unit-by-unit rent roll analysis to validate income assumptions and identify near-term upside from undermarket units or lease renewals.
De-Risk Stabilization Timeline
Clarify rent-stabilized vs. free-market unit mix and obtain tenant roll documentation to confirm achievable rents and reduce operational uncertainty.
