That's a 30-year old building in Atlantic City, though. The building itself will have depreciated since then, and Atlantic City isn't a very desirable area any

That's a 30-year old building in Atlantic City, though. The building itself will have depreciated since then, and Atlantic City isn't a very desirable area any more. The current prices won't necessarily reflect the original construction costs. There are some actual numbers in this Fannie Mae commentary: http://www.fanniemae.com/resources/file/research/emma/pdf/MF_Market_Commentary_031517.pdf http://www.fanniemae.com/resources/file/research/emma/pdf/MF... The average costs to build 1-3 and 4-7 story apartment buildings was $192.0/ft^2 in 2017, compared to $233/ft^2 for 8-24 story buildings. I assume the square footage includes common spaces. I don't know if they attempted to control for sample biases (e.g. if taller buildings tend to be build in areas with higher labor costs).