I'm pretty sure the crane was erected that high to give it clearance over the neighboring towers. The boom would clearly reach the pinkish and brown towers in that last shot. Putting it over those structures gives it full rotational range without having to rent a luffing style crane.
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"Then each time Fleetwood would be not so much overcome by remorse as bedazzled at having been shown the secret backlands of wealth, and how sooner or later it depended on some act of murder, seldom limited to once."
Against the Day, Thomas Pynchon
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