The Real NYC Housing Boom Isn't in Manhattan

For AvalonBay Communities Inc., the next promising area for New York development is in southeast Brooklyn, at the second-to-last stop on the B train and off a bustling strip of discount stores and fruit stands.

There, in Sheepshead Bay, the second-biggest publicly traded U.S. apartment landlord is planning 200 luxury rentals in the tallest tower the community has seen in decades. The project, about a 45-minute subway ride from midtown Manhattan, is also the most remote within the city for the company.

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