In a real estate project involving a building to be constructed with
150 apartments what would proportion of the developers costs would be
needed to pay for the value of the land?

To illustrate this with a concrete example,  let's suppose a new
building is constructed in New York City with 150 apartments in a nine
story building.  Suppose a similar building on the same street was
sold out at an average price of four hundred thousand dollars per
apartment.  The total sales for the new apartment are expected to be
$60 million.  What part of this $60 million would the developer pay
for the land?  Assume the land has suitable zoning for the proposed
building.