Second Avalon Tower Moves Closer to Becoming Reality

In a sign of the Brooklyn real estate market's resilience even in a moribund national real estate market, plans for a second Avalon high-rise residential tower continue to move forward.

As reported by Brownstoner, developer Avalon Bay recently bought a parcel at 100 Willoughby St. at Duffield Street with plans to construct their second residential development—which at 58th stories would beat out the nearby Brooklyner as the borough's tallest.

The project, called Avalon Willoughby, will add 800 units to a Brooklyn market thus far immune to the real estate malaise of high inventory and stagnant prices affecting much of the country.

As for the future of the local market, Avalon Bay head of development Martin Piazzola sounded an optimistic note Monday in an interview with Crain's New York Business.

"I'm pretty optimistic that things will continue, given the limited new supply of rental housing out there," Piazzola told Crain's. "Concessions have all but evaporated, and rental prices are at or above peak levels."

The 36-story-tall Avalon Fort Greene, completed in 2009, consists of 650 units.