SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 12b-25
                                                   Commission File Number 1-8356

                           Notification of Late Filing


(Check one):      (X) Form 10-K             ( ) Form 11-K       ( ) Form 20-F
                  ( ) Form 10-Q             ( ) Form N-SAR

                  For period ended:         December 31, 2000

         ( )  Transition Report on Form 10-K
         ( )  Transition Report on Form 20-F
         ( )  Transition Report on Form 11-K
         ( )  Transition Report on Form 10-Q
         ( )  Transition Report on Form N-SAR

                  For the transition period ended:

         Nothing in this form shall be construed to imply that the Commission
has verified any information contained herein.

         If the notification relates to a portion of the filing checked above,
identify the item(s) to which the notification relates:



                                     PART I

                             REGISTRANT INFORMATION

Full name of registrant:

         DVL, INC.

Former name if applicable:

Address of principal executive office (Street and Number):

         70 EAST 55TH STREET, 7TH FLOOR

City, State and Zip Code:

         NEW YORK, NY 10022



                                     PART II

                             RULES 12b-25(b) AND (c)

         If the subject report could not be filed without unreasonable effort or
expense and the registrant seeks relief pursuant to Rule 12b-25(b), the
following should be completed. (Check where appropriate.)

     (X)  (a) The reasons described in reasonable detail in Part III of this
          form could not be eliminated without unreasonable effort or expense;

     (X)  (b) The subject annual report, semi-annual report, transition report
          on Form 10-K, 20-F, 11-K or Form N-SAR, or portion thereof will be
          filed on or before the 15th calendar day following the prescribed due
          date; or the subject quarterly report or transition report on Form
          10-Q, or portion, thereof will be filed on or before the fifth
          calendar day following the prescribed due date, and

     (  ) (c) The accountant's statement or other exhibit required by Rule
          12b-25(c) has been attached if applicable.


                                    PART III

                                    NARRATIVE

State below in reasonable detail the reasons why Form 10-K, 11-K, 20-F, 10-Q,
N-SAR or the transition report portion thereof could not be filed within the
prescribed time period. (Attach extra sheets if needed.)

               The Registrant is currently in the process of finalizing
               agreements with respect to a material acquisition and appropriate
               disclosure cannot be made at the present time.


                                     PART IV

                                OTHER INFORMATION


     (1)  Name and telephone number of person to contact in regard to this
          notification.

  Gary Flicker                                  (212)       350-9900
- -------------------------------------------------------------------------------
 (Name)                                      (Area Code)  (Telephone Number)

(2)  Have all other periodic reports required under Section 13 or 15(d) or the
     Securities Exchange Act of 1934 or Section 30 of the Investment Company Act
     of 1940 during the preceding 12 months or for such shorter period that the
     registrant was required to file such report(s) been filed? If the answer is
     no, identify report(s).

                                    (x) Yes          ( )




(3)      Is it anticipated that any significant change in results of operations
         from the corresponding period for the last fiscal year will be
         reflected by the earnings statements to be included in the subject
         report or portion thereof?

                    (  ) Yes                  (X) No

If so, attach an explanation of the anticipated change, both narratively and
quantitatively, and, if appropriate, state the reasons why a reasonable estimate
of the results cannot be made.

                                    DVL, INC.
                                    ---------
                  (Name of Registrant as Specified in Charter)

Has caused this notification to be signed on its behalf by the undersigned
thereunto duly authorized.


Date:  March 30, 2001                          By: /s/ Gary Flicker
                                               -------------------------------
                                               Name: Gary Flicker
                                               Title:  Chief Financial Officer