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
Why this score
Sponsor Quality & Track Record
Dalan Management is an established, disciplined operator with decades of West Village multifamily experience, reducing execution and management risk.
Submarket Fundamentals
West Village's supply-constrained, high-demand character supports long-term value appreciation despite near-term cash flow constraints.
Debt Service Coverage Ratio
DSCR of 0.94x indicates the asset cannot currently cover debt service at typical leverage, creating financing risk and potential cash flow stress.
Price Per Square Foot Alignment
$1,820 PPSF is consistent with West Village comparables, suggesting fair market pricing but limited upside from acquisition-level basis compression.
Seller Profile & Motivation
Lionel Nazarian shows no distress indicators and modest transaction history suggests orderly divestment of a legacy holding rather than forced sale.
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.
Value-Add Repositioning Plan
Develop concrete rent growth strategy (free-to-stabilized conversion, unit renovations, or market-rate tenant replacement cycles) to demonstrate path to DSCR >1.2x within 18-24 months.
Increase Equity Cushion
Structure deal with 40%+ equity versus typical 30% to mitigate refinance risk and accommodate debt service shortfalls during value-add execution phase.
Stabilization Timeline & Sensitivity Analysis
Provide lender-ready analysis showing rent growth assumptions, lease-up/turnover timing, and downside scenarios to justify underwriting at current tight coverage ratios.
Raw Deal Textclick to expand
Submit Growing Financial Partnerships For Over 30 Years. Get Started Deals New York Multifamily Sale 18 Christopher Street Dalan Management Purchases Multifamily Properties At 18 & 20 Christopher Street For $7.31M SOLD $7,311,000 LN + 1 MultiFamily 2,807 SF Sold 2 weeks ago the deal players comps contact related Summary NEW YORK Asset Type: Price Per Square Foot: $2,604 Total Square Footage: Transaction Type: The property asset involved in this transaction consists of two multifamily buildings located at 18 Christopher Street and 20 Christopher Street in the West Village market. The sale price was set at $7,311,000, with a total square footage of 4,016, resulting in a price per square foot of $1,820. Summary of transaction details: Property Type: Multifamily Transaction Amount: $7,311,000 Square Footage: 4,016 Price per Square Foot: $1,820 Buyer: Danny Wrublin, Andy Wrublin & James Glassman - Dalan Management Seller: Lionel Nazarian Brokers: Joseph Koicim, Peter Dodge & Paige DeMutis - Marcus & Millichap Transaction Date: 5/6/2026 The supervisory role in this deal was notably led by Joe Koicim, who is part of the New York Multifamily team that is actively involved in selling assets throughout the city. Peter Dodge and Paige DeMutis also played significant roles in the brokerage process. Those interested in asset evaluation on the West Side Market or in acquiring properties in the 5-boroughs this year were encouraged to reach out to these brokers. Players All Brokers Buyers | Sellers Joseph Koicim 172 deals $2.7B volume (212) 430-5147 BROKER Peter Dodge 21 deals $203.4M volume (212) 430-5231 Paige DeMutis 4 deals $105.6M volume (610) 592-4324 Dalan Management BUYER Lionel Nazarian 6 deals $33.3M volume SELLER Details Deal Summary IMAGE: Peter Dodge, Paige DeMutis, Joseph Koicim, Andy Wrublin, Danny Wrublin & James Glassman DATE: 5/6/2026 ADDRESS: 18 Christopher Street & 20 Christopher Street MARKET: West Village ASSET TYPE: Multifamily BUYER: Danny Wrublin, Andy Wrublin & James Glassman - Dalan Management SELLER: Lionel Nazarian (@LionelNazarian) BROKERS: Joseph Koicim (@Joey1Cap), Peter Dodge (@PxDodge) & Paige DeMutis (@PaigeDemutis) - Marcus & Millichap (@MarcusMillichapInc) SALE PRICE: $7,311,000 SF: 4,016 ~ PPSF: $1,820 NOTE FROM BROKER: Led by Joe Koicim, New York Multifamily is actively selling several assets throughout the city. If you are interested in an evaluation on your asset or curious about the West Side Market, please reach out to Joe Koicim or Peter Dodge. If you are looking to acquire this year in the 5-boroughs, please reach out to Paige DeMutis. Email New York | @tradedny Comps 10 These are similar deals based on proximity and similarity to the subject deal. 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Deal Type SALE LOAN LEASE Purchase Price Loan-to-Value (%) Interest Rate (%) Amortization Period 30 years Loan Term 10 years Operating Income Gross Potential Rent (Annual) Vacancy Rate (%) Operating Expenses (Annual) Property Tax Insurance Maintenance Utilities Management Reserves Reset Net Operating Income (NOI) $389,920.01 Debt Service Coverage Ratio (DSCR) 0.94x DSCR below 1.0x - deal does not cover debt service Cap Rate 5.33% Cash Flow (Annual) -$25,974.43 Cash-on-Cash Return -1.27% Monthly Debt Service $34,657.87 Annual Debt Service $415,894.44 Is there something missing? Send suggestions We are telling CRE's story Traded is the #1 source for cutting edge CRE transactions & insights. 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