Outer boroughs of NYC see housing boom

New York

FOR AvalonBay Communities Inc, the next promising area for New York development is in south-east 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 US 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.