It costs $2m to put up a $1m building in New York, Why?

It costs $2m to put up a $1m building in New York, Why? Until last week, not many people in America had ever heard of Vincenzo Frogiero. But thanks to an FBI indictment, Mr Frogiero has now been immortalised across America by his mobster moniker, ‘Vinny Carwash’.