[chris08876]

Combination of land value per sq-ft, construction costs per sq-ft, materials, union labor which is very expensive, logistics, and all of the legal aspects of getting a projects from fruition to inception. Both soft/hard costs, which in NYC, precisely Manhattan, is ludicrous, especially when going modern with Class-A amenities and features. This also required substantial foundation work. It all adds up which one could say its location and topography is also a factor in the cost equation.