Our Favorite New Condo Developments NYC for Sale Properties

New Construction Condo in NYC

You want to know what exactly comes in the unit you’re considering. You also want to know how the layout and square footage compare. For example, a typical two-bedroom unit may offer over 1,200 square foot of living space, featuring open-plan areas, large windows, and high-end amenities. Sometimes, what developers show and what you get aren’t always comparable. New condo developments often offer a range of bedrooms, from spacious one-bedroom layouts to three-bedroom residences, each designed with modern features and generous square footage. In Brooklyn, the median price per square foot for new developments is around $1,200 to $1,500, with premium units in neighborhoods like Williamsburg and DUMBO being higher.

Before you get too excited for one particular unit or development, you want to look closely at the fine print. Will you be expected to cover fees to pay for the super’s unit? What kind of reserve fund requirements does the development have?

If you are interested in new construction, you can visit the sales offices with some model units. But, remember, what you see in the sales office and what you get may not be the exact same. Developers will outfit those model units with the very best in add-ons.

Another important consideration is if the developer has reserved the right to not sell all the units so they can use some as rentals.

While the idea of new is exciting, the process can take a long time, so you want to research timelines and the developer to see how well they have done on previous projects at meeting their proposed deadlines.

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Deposits and Drop Dead Dates

Because new construction timelines can always be risky especially in the city, you want to know what is called the outside date or the drop-dead date. Click here to continue reading...

Because new construction timelines can always be risky especially in the city, you want to know what is called the outside date or the drop-dead date.

You'll be expected to provide an upfront deposit, often 10% or more, when you enter in the purchase agreement with the developer. You can have it written into the purchase agreement that your deposit must be returned if your condo is not ready for closing by this set date. 

Because of notorious delays and missed timetables, this is something you want in your purchase agreement, as you don't want to lock up your funds indefinitely.  It also works as a motivator for the developer to get your condo done and ready for closing.

If you are financing the unit, you want to be aware that developers don't accept mortgage contingencies, so be prepared to pay cash if you can't get a mortgage in time. While banks will finance new developments condos, there are lots of hurdles in terms of sales, etc. that have to be met. If you get approval and the timetable falls behind, your approval can expire. This means you'd have to go through the process again. 

Costs of Buying a New Condo in New York

In addition to normal closings costs associated with a real estate purchase, there are some costs you want to ask about and watch for. Click here to continue reading…

In addition to normal closings costs associated with a real estate purchase, there are some costs you want to ask about and watch for. The largest item is the developer’s transfer tax, which is approximately 1.8%. Buyers are expected to pay these, so this cost should be used in determining your offer price strategy. In most larger buildings, developers will expect buyers to split the cost of the building superintendent’s apartment. Other potential costs might be working capital contributions and the developer’s attorneys fees. 450 Washington presents a year-round rooftop garden for residents.

Of course, there are plenty of normal closing costs too, such as NYC and state transfer taxes. Some costs, like common charges or maintenance fees, are often calculated on a per square foot basis, so it's important to review how these fees are determined. And, if you obtain a mortgage, then there is mortgage recording tax. The Mansion Tax applies to properties greater than $1 million and is based on a sliding scale from 1% to 3.5% depending upon the sales price.

Related:

NYC Home Buying Guide

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Incentives and Concessions for Buying a New Construction Condo

Concessions and added bonuses are a thing for condo development real estate. Developers like to keep their prices high, so don’t offer steep discounts on the selling price. They will want to stick as close to the listed price as much as they can.  Many developers, however, will cover costs on the “back end.” These costs include closing costs that we discuss above, such as transfer taxes, super’s apartment contribution, attorney fees, etc.  More seldom, developers will offer to pay common charges for a full year or even multiple years.

If you want to buy a condo, now is a good time to do it. The market has lots of options, which means developers are willing to add some unique incentives to entice a sale.

Mortgages for New Construction Condos

You can get a mortgage for new construction condos but it can also be tricky. Often lenders are leery of loaning on an incomplete property or development. Click here to continue reading...

You can get a mortgage for new construction condos but it can also be tricky. Often lenders are leery of loaning on an incomplete property or development. If the common areas are unfinished or few units have been sold, the mainstream lenders may holdback, although alternate financing sources are still available at a higher cost. 

As already mentioned, timelines can also create issues. You might get an approval for a mortgage. Those approvals typically come with a time stamp. That means if the closing doesn't happen before the mortgage approval expires, you must start the application process over again and hope the market or economy hasn't changed since your first application.

Some lenders won't write mortgages unless 50% of the building is in contract and the majority of the amenities are built. That being said, there are alternative lenders that don't have such strict restrictions. 

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New or Pre-Owned, Which Is Better?

The truth is there are good options available for both used and new construction. If you are willing to wait for new construction and do your research, buying in a new development can be nice. Click here to continue reading...

The truth is there are good options available for both used and new construction. If you are willing to wait for new construction and do your research, buying in a new development can be nice. You get brand new and you often get a laundry list of amenities. 

Yet, there are many available units on the market that are move in ready that don't run the risks associated with a new build.

Related:

"What You Need to Know When Buying an Apartment in NYC"

Pros and Cons to Consider With New Construction Real Estate

Of course, the benefit to a new construction condo is that it's new and you can have the finish work customized to your liking. New developments often come with many perks and amenities as part of the condo community. Click here to continue reading...

Of course, the benefit to a new construction condo is that it's new and no one has every lived in it before. You'll have the latest technology incorporated into the apartment, such as the latest air filtration systems, advanced window technology that reduces sound and heating and cooling costs, and other eco friendly aspects.  New developments often come with many perks and amenities as part of the condo community. 450 Washington is designed by Roger Ferris + Partners.

Some things to consider is that many new developments restrict how soon you can sell your unit. They want to prevent flippers and properties from being for sale that might compete with other unsold units. Emerging neighborhoods for new development and investment in NYC include Mott Haven in the Bronx and Astoria in Queens.

Likewise, there are often restrictions on renting a unit. Often, you can't rent out a unit for several years following closing. 

Using an Agent For a New Condo Purchase

Using your own agent is just a smart decision. They will know the ins and outs of making this kind of purchase. They are familiar with different properties and even the potential roadblocks that might arise along the way.  For instance, new buildings that are on the drawing board might impact views or dilute the market in a a particular neighborhood. An agent that knows the numbers is also a big plus!

When you hire an agent they represent you, not the seller or the developer. It’s a smart move to have a professional who is looking out for your interests. Your agent can also guide you to the official website of each development so you can explore floor plans, amenities, and up-to-date availability.

Property Features and Amenities in New Developments

Manhattan’s new developments, especially those located on the Upper East Side and other sought-after neighborhoods, are redefining luxury condominium living in New York City. These buildings, crafted by renowned developers like Related Companies, offer a stunning array of properties for sale, each designed to meet the highest standards of comfort, style, and convenience. New luxury condo projects for consideration in NYC for 2025 and 2026 include those in Manhattan's Upper East Side, Chelsea, Midtown West, and Brooklyn neighborhoods such as Boerum Hill and Williamsburg.

Buyers searching for a luxury condominium will find plenty of options, with units ranging from efficient studios to expansive four-bedroom homes. Square footages vary widely, with some residences offering over 5,000 square feet of living space—perfect for those who desire room to entertain or simply enjoy the city’s vibrant lifestyle. Many of these new developments are situated in the heart of Manhattan’s most desirable neighborhoods, placing residents just steps from top-rated schools, world-class restaurants, and the city’s best shopping and entertainment venues. The median price per square foot for new development condos in Manhattan generally hovers around $1,800 to over $2,200 in mid-2024, with ultra-luxury units reaching over $6,000. Queens typically has the most accessible entry point for new construction condos, with median prices per square foot around $1,300 to $1,500 in areas like Long Island City and Astoria.

One of the standout features of these luxury buildings is the panoramic views they offer. Whether overlooking Central Park, the city skyline, or the East River, these residences are designed to maximize natural light and showcase New York’s iconic vistas. Floor-to-ceiling windows, private terraces, and thoughtfully designed layouts ensure that every home takes full advantage of its unique location.

Amenities in these new developments are second to none. Residents can enjoy state-of-the-art fitness centers, elegant resident lounges, and rooftop terraces perfect for relaxing or entertaining with friends—all designed to enhance daily living. Many buildings are also pet-friendly, offering amenities such as dog parks and pet grooming stations, so every member of the family feels at home. For example, 450 Washington offers a private landscaped courtyard and distinctive amenities.

For those ready to purchase or rent, developers like Related Companies provide a seamless experience from the initial search to move-in date. Their commitment to detail and customer service ensures that every aspect of the process is handled with care. Prospective buyers can explore available properties through interactive websites, detailed maps, and floor plans, or by visiting sales offices to speak with knowledgeable representatives about pricing, availability, and features.

Whether you’re searching for a luxury condominium on the Upper East Side or exploring other vibrant Manhattan neighborhoods, there are plenty of new developments to consider. Each building offers its own unique blend of amenities, views, and design, ensuring that you’ll find a home that perfectly matches your lifestyle and needs. Start your search today and discover the best that New York’s luxury real estate market has to offer.

New Development in NYC Worth Checking Out

Are you ready to look at new developments in NYC? Click here to continue reading...