Mar 20, 2026
Watermark Capital Launches Housing Lottery at The Pecora in Long Island City
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Traded Editorial
- Watermark Capital Group launches lottery for 56 units
- 184-unit residential tower in Long Island City
- Units priced for renters earning 130% of AMI
What the project brings to Long Island City
What pricing means for renters at 130 percent AMI
The lottery includes 56 units designated for households earning 130 percent of the area median income. Rents are positioned at the higher end of the “affordable” spectrum, with studios starting above $3,200 per month and two-bedroom units reaching over $3,700. This pricing reflects a broader trend across New York City, where workforce housing programs are increasingly targeting middle-income renters rather than low-income households.
What amenities signal for Class A rental competition
The Pecora offers a full amenity package, including a gym, spa, yoga and dance studio, and rooftop terrace. Additional features like a business center, recreation rooms, and children’s playroom align with expectations for new Class A rental developments. These offerings position the building to compete directly with market-rate luxury rentals, even as part of the inventory is allocated through the housing lottery system.
What unit features mean for leasing appeal
Apartments include in-unit washers and dryers, hardwood flooring, and modern kitchens with name-brand appliances and finishes. Many units also feature private outdoor space, a premium feature in dense urban markets. Tenants are responsible for utilities, including electricity, heat, and hot water, which can influence overall affordability despite regulated rent levels.
What this means for the New York multifamily supply
The Pecora highlights how developers like Watermark Capital Group continue to integrate affordable housing components into larger residential projects. Long Island City remains a focal point for new supply, supported by strong transit access and sustained renter demand. As more projects deliver under similar income bands, the market is seeing a shift toward housing that serves middle-income residents rather than traditional low-income brackets.