EXHIBIT 20.02

                   DVL, INC. ANNOUNCES CLOSING OF ACQUISITION



New York,  New York,  May 1,  2001.  DVL,  Inc.  (OTC  Bulletin  Board:  "DVLN")
announced  today  that  it  has  closed  its  previously  announced  transaction
involving  the  purchase  by its  wholly-owned  subsidiary  of all of the equity
interests in securitized  portfolios of periodic  payment  receivables  totaling
approximately  $300 million,  subject to underlying debt of  approximately  $200
million.

DVL's  subsidiary paid the purchase price by issuing  limited  recourse notes in
the aggregate  amount of  $25,325,000,  payable from cash flows generated by the
underlying receivables.  The notes mature on December 31, 2021, bear interest at
the  rate of 8%  annually,  and are  secured  by a  pledge  of the  subsidiary's
interest in the underlying  receivables.  The principal  amount of the notes and
the  purchase  price  may be  adjusted,  from  time  to  time,  based  upon  the
performance of the underlying receivables.  In addition, DVL issued warrants for
the purchase of 2 million shares of DVL,  exercisable until February 15, 2011 at
a price of $.20 per share,  and its guaranty of up to $2,532,500 of the purchase
price, which may not be called upon for payment until January 1, 2022.

The  Company  anticipates  that,  the  incremental  earnings as a result of this
transaction,  will  approximate $1 million per year over the next 10 years and a
total of  approximately  $24  million  over the life of the assets  (net of debt
repayment).

Alan Casnoff,  President of DVL,  commented  "this  transaction  should  provide
significant  growth in assets,  earnings and cash flow over an extended period."
Gary Flicker,  Chief  Financial  Officer of DVL,  commented "that as a result of
this  acquisition,  we anticipate  adding $700,000 ($.04 per basic share) to net
income for 2001 and $1 million ($.06 per basic share) for 2002."

This  press  release  contains   statements  which  constitute   forward-looking
statements  within the meaning of Section 27A of the  Securities Act of 1933, as
amended,  and Section 21E of the  Securities  Exchange Act of 1934,  as amended.
Included are statements regarding the intent, belief and/or current expectations
of the Company and its management.  The Company's  stockholders  and prospective
investors  are  cautioned  that  any  such  forward-looking  statements  are not
guarantees of future performance and involve risks and  uncertainties,  and that
actual results may differ materially from those projected in the forward-looking
statements.  Such risks and uncertainties  include,  among other things, general
economic  conditions,  and the actual  performance of the portfolios of periodic
payment receivables.

DVL, Inc. is a finance  company which owns and services real estate,  commercial
mortgage loans and other financial assets.

For more information, contact Gary Flicker at (212) 350-9900.