Construction Chair David Pfeffer was quoted in The Real Deal’s article “City construction costs break $1,000 per foot barrier.” The article states that the cost of constructing a building in New York City is breaking price records. The New York Building Congress figures show that the residential and commercial construction in New York City is expected to be $18 billion this year. The high costs for developers to build construction projects leads to high prices when selling units.
The article details costs in construction in the areas of insurance, materials and labor. Construction firms that had previously worked exclusively with unions are beginning to shift to non-union labor. David Pfeffer explains that it can be easier to secure a loan since developers are saving money with non-union labor costs.
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