"upon completing the work, rented the place out for $2,900/month."
Oh my god, how is it possible for anyone to pay that much?
2800$ is about the general income / month here.
To be fair the potential to earn a high salary is much higher in NYC than many other places. All those huge towers are full of executives, VP's and highly skilled workers. There are many hundreds of thousands of people making 6-figure salaries here and tens of thousands making over a million.
However, many people in NYC do not make big money and it comes down to living further away from Manhattan and having roommates. Depending on the industry you're in you can have a huge range in salaries based on experience, your reputation and simple luck.
Actually, a pretty significant portion of the luxury development is purchased by non-residents as a place to park their money. This makes up a high percentage of AirBNBs here.
However, many people in NYC do not make big money and it comes down to living further away from Manhattan and having roommates. Depending on the industry you're in you can have a huge range in salaries based on experience, your reputation and simple luck.