Watermark Capital files two plans in Jamaica with 196 total units
159-02 Hillside Avenue axonometric rendering (Credit - Lester Jay Ross Katz architect via DOB)
Wolf Landau, founding partner of Watermark Capital Group, filed two new building plans last week with a total of 196 units in Jamaica, Queens.
In the first, Landau submitted a new building construction project for a 98-unit, 51,684 square-foot residential (R-2) building at 159-02 Hillside Avenue in Jamaica, Queens. The plan was filed with the New York City Department of Buildings on March 25, 2025 under job number Q01189789. It calls for the construction of an eight-story building. The architect is Xpdite Group LLC.
In the second, Landau submitted a new building construction project for a 98-unit, 51,684 square-foot residential (R-2) building at 87-77 Parsons Boulevard in Jamaica, Queens, which is adjacent to the Hillside property. The plan was filed with the New York City Department of Buildings on March 25, 2025 under job number Q01189872. It calls for the construction of a nine-story building. The architect is Xpdite Group LLC.
159-02 Hillside Avenue
| wdt_ID | floor | comment | description | persons_permitted | occupancy_label | zoning_use | dwelling_units |
|---|---|---|---|---|---|---|---|
| 1 | 1 | RESIDENTIAL LOBBY, ELECTRIC & METER ROOM, RECREATIONAL AREA OF 1361.15 SF | Apartment | N/A | Residential | ||
| 2 | 1 | COMMERCIAL RETAIL STORE | Retail Sale | 169 | Mercantile | ||
| 3 | 2 | FOURTEEN (14) CLASS 'A' DWELLING UNITS | Apartment | N/A | Residential | 14 | |
| 4 | 3 | FOURTEEN (14) CLASS 'A' DWELLING UNITS | Apartment | N/A | Residential | 14 | |
| 5 | 4 | FOURTEEN (14) CLASS 'A' DWELLING UNITS | Apartment | N/A | Residential | 14 | |
| 6 | 5 | FOURTEEN (14) CLASS 'A' DWELLING UNITS | Apartment | N/A | Residential | 14 | |
| 7 | 6 | FOURTEEN (14) CLASS 'A' DWELLING UNITS | Apartment | N/A | Residential | 14 | |
| 8 | 7 | FOURTEEN (14) CLASS 'A' DWELLING UNITS | Apartment | N/A | Residential | 14 | |
| 9 | 8 | FOURTEEN (14) CLASS 'A' DWELLING UNITS | Apartment | N/A | Residential | 14 | |
| 10 | 0 | ELEVATOR AND STAIRS BULKHEAD, GREENROOF ZONE, BICYCLE PARKING WITH A TOTAL 499.98 SF | Apartment | N/A | Residential |
87-77 Parsons Boulevard
| wdt_ID | floor | comment | description | persons_permitted | occupancy_label | zoning_use | dwelling_units |
|---|---|---|---|---|---|---|---|
| 1 | Open Space | TWENTY THREE (23) VEHICULAR PARKING SPACES | Apartment | N/A | Residential | ||
| 2 | 1 | TEN (10) CLASS 'A' DWELLING UNITS | Apartment | N/A | Residential | 10 | |
| 3 | 1 | RECREATIONAL AREA OF 1529.83 SF | Apartment | N/A | Residential | ||
| 4 | 2 | ELEVEN (11) CLASS 'A' DWELLING UNITS | Apartment | N/A | Residential | 11 | |
| 5 | 3 | ELEVEN (11) CLASS 'A' DWELLING UNITS | Apartment | N/A | Residential | 11 | |
| 6 | 4 | ELEVEN (11) CLASS 'A' DWELLING UNITS | Apartment | N/A | Residential | 11 | |
| 7 | 5 | ELEVEN (11) CLASS 'A' DWELLING UNITS | Apartment | N/A | Residential | 11 | |
| 8 | 6 | ELEVEN (11) CLASS 'A' DWELLING UNITS | Apartment | N/A | Residential | 11 | |
| 9 | 7 | ELEVEN (11) CLASS 'A' DWELLING UNITS | Apartment | N/A | Residential | 11 | |
| 10 | 8 | ELEVEN (11) CLASS 'A' DWELLING UNITS | Apartment | N/A | Residential | 11 | |
| 11 | 9 | ELEVEN (11) CLASS 'A' DWELLING UNITS | Apartment | N/A | Residential | 11 | |
| 12 | Roof | ROOF, ELEVATOR AND STAIRS BULKHEAD, ELEVATOR MECHANICAL ROOM, BICYCLE PARKING TOTAL OF 475.01 SF | Apartment | N/A | Residential |
Violations and lawsuits
According to city public data, the property has received $1,550 in OATH penalties in the last year.
There were no lawsuits or bankruptcies filed against the property for the past 24 months.
The neighborhood
In Jamaica, The bulk, or 34 percent of the 29.2 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 14 percent of the space. In sales, Jamaica has near average sales volume among other neighborhoods with $295.9 million in sales volume in the last two years and is the 5th highest in Queens. For development, Jamaica has near average amount of major developments among other neighborhoods and is the 5th highest in Queens. It had 1.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of two of the 10 commercial properties representing 14,429 square feet of the 38,879 square feet. The two identified owners are Equity Group Of Attn: Maria Yeung and Watermark Capital Group. On the tax block, there were two new building construction projects totaling 103,368 square feet. The largest is a 98-unit, 51,684 square-foot residential (R-2) building submitted by Watermark Capital Group and filed by Wolf Landau with plans filed March 25, 2025 and it has not been permitted yet. The second largest is a 98-unit, 51,684 square-foot residential (R-2) building submitted by Watermark Capital Group and filed by Wolf Landau with plans filed March 25, 2025 and it has not been permitted yet.
The owner
The PincusCo database currently indicates that Watermark Capital Group owned at least 139 commercial properties with 1,594 residential units in New York City with 1,656,551 square feet and a city-determined market value of $321.5 million. (Market value is typically about 50% of actual value.) The portfolio has $221.5 million in debt, with top three lenders as Slate Property Group, BridgeCity Capital, and Signature Bank respectively. Within the portfolio, the bulk, or 50 percent of the 1,656,551 square feet of built space are walkup properties, with elevator properties next occupying 18 percent of the space. The bulk, or 89 percent of the built space, is in Brooklyn, with Queens next at 6 percent of the space.
The surrounding
Within a 400-foot radius of 159-14 Hillside Avenue, PincusCo identified one commercial real estate item of interests occurred over the past 24 months. It was a new building permit application filed on March 25, 2025 for a 98,357-square-foot residential (R-2) building with 98 residential units at 87-77 Parsons Boulevard.
Direct link to the property’s ACRIS page and link to DOB NOW portal.