New high-rise buildings are being built one after another in Tokyo.
Koichi's bronze statue was erected at the White House.
Salmon and I are discussing buying a pre-built home at the north end of the beach, but it’s a little expensive for us.
You know that 建てる is "to build." This is similar to that, but it's the version where you're not doing the building. Something is just getting built. That's why this word is to be erected and to be built. You can recognize that because of the つ, which tells you that two (つ) guys are building the building while you watch. So you're not doing it, they are, and it's just happening.
The reading is shared with 建てる, so if you know 建てる then you should be able to read this word as well.