138-25 Barclay Avenue

Owner: Watermark Capital Group

Debt: July 08, 2025, $14.5 million

Built: 2023

SF: 40,976

Dwelling units: 48

No. of buildings: 1

Class: Fireproof (Standard Construction Without Stores) (D3)

Floors: 7

HPD Ownership Registration Information

Last registered: 2025-06-30 (expires 2026-09-01)

Transactions:

• Watermark Capital Group borrowed $14.5 million from Arion Fund, White Oak Assets and Gal Nagar for 138-25 Barclay Avenue, Flushing, Queens on July 08, 2025.

• Watermark Capital Group borrowed $13.2 million from Bridge City Funding for 138-25 Barclay Avenue, Flushing, Queens on February 02, 2023.

Development:

• Joel Werczberger filed new building job Q00692280 for 40,952 sqft R-2 building with 48 apartments in Flushing, Queens, on April 25, 2022.

• Eddie Gazheli filed alteration job Q00841153 for 12,400 sqft building with 0 apartments in Flushing, Queens, on March 10, 2023.

• Eddie Gazheli filed alteration job Q00758537 for 1 sqft building with 0 apartments in Flushing, Queens, on June 22, 2022.

• Joel Werczberger filed alteration job Q00739736 for 36 sqft building with 48 apartments in Flushing, Queens, on May 20, 2022.

• Joel Werczberger filed alteration job Q00732267 for 12,400 sqft building with 0 apartments in Flushing, Queens, on May 19, 2022.

• Joel Werczberger filed alteration job Q00737275 for 3,000 sqft 51 building with 0 apartments in Flushing, Queens, on May 19, 2022.

Litigation:

• Arion Fund filed a $14.5 million pre-foreclosure 717568/2026 on June 12, 2026, against Watermark Capital Group and Wolfe Landau at 138-25 Barclay Avenue.

Violations:

According to city public data, the properties have received $18,750 in ECB penalties, $18,750 in OATH penalties, and one housing litigation in the last year.