Purchasing a new development unit comes with many advantages, yet the process differs from buying a resale or pre-existing condo, coop, or single-family home. This four-part CityRealty Market Insight guide presents a step-by-step breakdown of essential information for buying a new development unit — from discovering potential listings and securing financing to negotiating with developers and preparing for the closing and move-in, this comprehensive guide aims to equip you with the knowledge needed to make your experience of buying a new construction condo as seamless as possible. Part one is an overview to guide you in initiating your search for new developments.
However, sponsor units aren’t found exclusively in new developments. Occasionally, sponsor units are listed in older buildings, even pre-war buildings that were converted into coops decades after construction. This is because sponsors often keep some units off the market, slowly releasing them over time (e.g., when the coop or condo needs money for capital projects).
What new development condo units and sponsor units in existing buildings have in common is that, unlike other purchases in NYC, buyers don’t need to undergo board approval to purchase these units. As a result, they are often especially advantageous for foreign buyers and anyone else who may find it difficult to pass a coop board interview. On the flip side, purchasing a new development condo or sponsor unit also carries additional tax liabilities.
In 2023, approximately 1,500 new development sponsor units were signed across Manhattan, and over 1,000 units are projected to launch through 2024. In addition to the current activity in Manhattan, new condo developments continue to open in Brooklyn and Queens. As a result, if you’re currently looking to buy a residence or invest in New York City real estate, there are plenty of options in the new construction condo market.
Despite Brooklyn and Western Queens’ expanding condo market (Brooklyn is expected to launch approximately 2,400 new development units through 2025, and Queens is expected to launch approximately 1,200 new units), Manhattan continues to lead the condo market with nearly 3,000 units expected to launch through 2025. Manhattan's new development units tend to be higher end than their outer-borough counterparts. Notable luxury projects to launch in the coming two years include 262 Fifth Avenue, 985 Fifth Avenue, The Greenwich by Rafael Vinoly, and 80 Clarkson Street.
Before you start your search, clarify your desires and needs as a buyer. After all, if you’re buying a new construction condo because you’re looking for a pied-a-terre in New York City, you’ll need to find a building that permits part-time residents. If you only intend to live in the unit part-time, you may also not require certain amenities (e.g., an on-site playroom for children or on-site storage). By contrast, if you’re looking for a home in which to raise a young family, those amenities or lack thereof could make or break a deal. The more precise you are about why you’re buying and your specific needs, the easier it will be to narrow your search based on critical factors such as location, design features, amenities, and services.
If you’re searching for a new construction condo, CityRealtyis an indispensable resource. You can limit your search to condos in a specific neighborhood and those that meet your other search criteria. Subscribe to have new condo listings that meet your search criteria delivered daily. Additionally, a comprehensive list of new development projects, both launched and upcoming can be found here
When purchasing a new construction condo, there are significant advantages and disadvantages associated with buying early and closer to the development’s completion. The earlier you purchase, the more likely you’ll be able to negotiate concessions (e.g., shared closed costs). In addition, an early purchase can come with other perks, including the ability to dictate the final layout of the apartment.
There are also disadvantages to buying early, including limited options for financing and higher risks. Among other risks, there is no guarantee the building will look like its architectural rendering, reach completion on time, or that the condo’s value will hold steady or increase by the time the development opens its doors to residents.
Purchasing a new construction condo closer to the move-in date also presents advantages and disadvantages. Closer to move-in, you will likely have less negotiating power but benefit from a broader range of financing options. While you may have limited ability to shape the final layout of or finishes in your unit, you will confront fewer unknowns. Closer to move-in, you’ll likely even be able to visit a completed version of your unit. Most importantly, you’ll likely be able to get a more accurate move-in date.
Like any other type of real estate purchase in New York City, buying a new development unit is a complex process. Even if you’re an experienced buyer, you’ll want to work with an expert buyer’s agent, ideally one with ample experience negotiating directly with developers. Start your search here. In addition to finding a talented buyer’s agent, you must contract with a real estate attorney. The sooner you get your team in place, the sooner you can start making offers on your next home or investment property. Due to limited land availability, zoning requirements, and the high cost of construction, Manhattan is witnessing fewer new residential high-rises compared to previous years. However, across the East River, a growing number of boutique condominiums are emerging in Brooklyn and Queens. Some are newly constructed, while others involve the conversion of rental or commercial buildings into for-sale residences.
While these smaller buildings may not offer as many amenities as their high-rise counterparts, they often provide essential features for a comfortable living experience, such as central air conditioning, in-unit washer/dryer, storage, and sometimes common outdoor space. Thanks to Brooklyn's lower density and quieter commercial districts, many of these developments are situated on tranquil, tree-lined streets, offering residents a reprieve from Manhattan's hustle and bustle. Despite the substantial rise in new development prices in Brooklyn in recent years, units in some neighborhoods still sell for less than half the price of similar listings in Manhattan's upscale neighborhoods.
At The Commodore, all five full-floor units feature direct elevator access, spacious layouts, high-end appliances, and smart-home features. Building amenities include a gym and roof terrace, but the greatest perk of all may be its prime Brooklyn address near Fort Greene Park, Brooklyn Academy of Music, Downtown Brooklyn dining and shopping, Brooklyn Navy Yard, and the Atlantic Avenue-Barclays Center transportation hub.
The Commodore, #3 (Douglas Elliman Real Estate)
The red brick building at 85 Douglass Street currently looks much as it did when it was originally constructed in 1920. However, the interiors have been brought up to modern standards with smart-lock access, virtual intercoms, in-unit washer/dryers, expansive living space, custom kitchens with Miele appliances and sleek Cubitac cabinetry, bedrooms with generous closet space, and beautifully appointed baths. It is on a quiet street, albeit one with easy access to Smith Street shopping and dining, Cobble Hill Cinemas, Carroll Park, and Trader Joe's.
Smith and Douglass, #D (Douglas Elliman Real Estate)
RoseBK was designed to Passive House standards with features like triple-pane windows, airtight interiors, Isokorb connection to prevent mold and condensation, state-of-the-art air filtration, high-performance ventilation with individual ducts, non-toxic materials, and sustainably sourced floors. But as the expansive floor plans with top-of-the-line appliances and high-end finishes show, this did not come at the expense of aesthetics. RoseBK offers parking for purchase, but the building is located two blocks from the Bedford Avenue L train. It is also close to McCarren Park and the Bedford Avenue retail corridor.
RoseBk, #PH (Compass)
Williamsburg was an early entrant in Brooklyn's residential renaissance and, as 29 Havemeyer Street shows, development shows no sign of slowing down. Each unit is reached via private elevator entrance, and all interiors feature floor-to-ceiling windows, wide plank hardwood floors, exposed concrete and steel beams, kitchens with custom cabinetry and integrated appliances, primary suites with walk-in closets and rain showers in the baths, and in-unit washer/dryers. All units have private outdoor space, not to mention access to a common roof deck with views of Brooklyn and Manhattan. Another perk is its address near McCarren Park, popular dining in Williamsburg and Greenpoint, and the Bedford Avenue L train.
29 Havemeyer Street, #4A (Nest Seekers LLC)
It well may be possible to trace the history of Williamsburg through 1196 Metropolitan Avenue: It was built in the early 20th century as a firehouse for Engine Company No. 286, and was later transformed into artists' lofts and underground music venue Metropolitan Social Club. For its latest residential incarnation, original features like exposed brick walls, 16-foot barrel vaulted ceilings, extra-tall windows, and skylights have been beautifully preserved.
The Williamsburg Firehouse Lofts, #1D (Corcoran Group)
Boutique condominium 661 Driggs Avenue rose on the former site of the office of Puccio Marble & Onyx; interestingly enough, all kitchens feature honed Arabescato Corchia marble countertops and islands. Each unit also features private outdoor space, high ceilings, oversized windows, luxurious baths, and in-unit laundry. It is equidistant to the beloved McCarren Park and the vibrant new Domino Park, not to mention close to popular restaurants, Bedford Avenue retail, and multiple subway options.
661 Driggs Avenue, #PHB (Corcoran Group)
738 Grand Street is located in a bustling section of Brooklyn, but residents would never know it thanks to noise-resistant windows in every unit. They also enjoy abundant natural light, high-end appliances, and access to amenities like a gym, bike room, private storage, and a roof deck with BBQ grill. Its address at the nexus of Williamsburg and Bushwick puts it close to edgy entertainment, popular restaurants, and the Grand Street L train.
738 Grand Williamsburg, #2B (Douglas Elliman Real Estate)
One of Williamsburg's larger new developments, The North offers a chic design, enormous windows, high-end appliances and finishes throughout, and private outdoor space in the majority of units. An extensive amenity package includes virtual doorman service, fitness center, private parking with electric vehicle charging, and a roof terrace with outdoor kitchen, live walls, and RH furniture. It is down the street from McCarren Park and close to popular Williamsburg and Bushwick restaurants and nightlife.
The North, #201 (MNS)
Between its low-rise height and brick facade, 54 Dupont on the Park makes a tasteful addition to its tree-lined Greenpoint block. All units feature thoughtful layouts, high ceilings, oversized windows, high-end appliances and finishes, and in-unit washer/dryers. "The Park" in the name refers to the nearby waterfront green space, and it also enjoys excellent proximity to popular dining on Manhattan Avenue and Franklin Street. Closings are expected to commence later this year.
54 Dupont on the Park, #2A (REAVIS PARTNERS LLC)
Parker House, #2A (Serhant LLC)
109 Troutman Street took place on a quiet, tree-lined street, albeit one close to Bushwick mainstays like House of Yes, the original Roberta's Pizza, and Maria Hernandez Park. All interiors feature high ceilings, white oak flooring, high-quality hardware and finishes, kitchens with energy-efficient appliances, and spa-like baths with radiant heated floors.
109 Troutman Street, #4B (Corcoran Group)
All units at Jefferson Hancock, a new two-building development, boast attractive features like high ceilings, oversized windows, high-end kitchens, split HVAC systems, and in-unit laundry. An extensive amenity package includes a fitness center, outdoor pickleball court, dog run, library, co-working space, roof deck, and parking for purchase. The L train is a few blocks away, as is a wide variety of restaurants, bars, and parks.
Jefferson Hancock, #GARDENB (Douglas Elliman Real Estate)
23 Bleecker Street was originally conceived as a rental in 2013, but has been spruced up with high-end appliances and finishes since then. All 18 one-bedrooms and both two-bedroom penthouses feature central air conditioning and in-unit laundry, and an extensive amenity package includes a roof deck, bike room, and on-site parking. Its address on the Bushwick-Bedford-Stuyvesant border puts it close to popular restaurants, cafes, conveniences, and transportation in both neighborhoods.
23 Bleecker Street, #2E (Daniel Gale Sotheby's International Realty)
Closings have recently commenced at The Diana, a new condominium on the corner of Tompkins Avenue and Halsey Street. Each unit comes with private outdoor space, and there is also a common terrace off the building's gym; additional amenities include co-working space as well as parking and storage for purchase. It is well situated near the Kingston-Throop Avenue C train, but local favorites like Peaches HotHouse, Oddly Enough, Fulton Ale House, and Odd Fox Coffee are close enough to walk.
The Diana, #703 (Compass)
The new boutique condominium at 499 Van Buren Street towers over the low-rise buildings on its block, but a gray brick facade adds a contextual touch. The one- to three-bedroom units all feature private outdoor space, oversized Pella windows, solid-core doors, 7" wide plank white oak flooring, chef's kitchens with custom cabinetry and high-end appliances, designer baths, energy-efficient heating and cooling, and washer/dryer hookups. Its address at the edge of Bedford-Stuyvesant and Stuyvesant Heights puts it close to local hot spots, community gardens, and the Kosciuszko Street J train.
499 Van Buren Street, #2 (Corcoran Group)
Boutique condominium Madison Lofts offers open floor plans, floor-to-ceiling windows, well-appointed appliance packages, and vented in-unit laundry. Each unit comes with deeded storage space, and building amenities include virtual doorman with code entry, designer lobby, sub-cellar lounge, and furnished roof deck The building is two blocks from the Gates Avenue J train, allowing for easy access to Manhattan; but there is much to offer close to home between popular restaurants and local parks.
Madison Lofts, #3B (Brown Harris Stevens Brooklyn LLC)
The design of 218 Classon Avenue is respectful of its historic surroundings, but all units offer such modern features as state-of-the-art kitchen appliances, washer/dryer hookups, built-in speakers, and advanced home lighting. Its address at the nexus of Bedford-Stuyvesant and Clinton Hill allows for easy access to Pratt Institute, popular restaurants, Fort Greene Park, and the Classon Avenue G train.
218 Classon Avenue, #2 (Corcoran Group)
Two blocks from the childhood home of Notorious B.I.G., Four Fifty Grand stands as a testament of how far Clinton Hill has come since the rapper grew up there. The brick facade nods to classic area brownstones, but glass floors on top add a modern touch. An extensive amenity package includes a fitness center, a coworking lounge with terrace access, a media/karaoke lounge with terrace access, a children's playroom, and a common roof deck with barbecue grills, dining areas, and beautiful Brooklyn skyline and treetop views.
Four Fifty Grand, #5C (Douglas Elliman Real Estate)
On a tree-lined residential block in Prospect Heights, 251 Saint Mark's Avenue stands out by virtue of its height. All seven one- to three-bedroom homes offer private outdoor space, thoughtful layouts, oversized Pella windows, light oak flooring, Amenities include a bike room and outdoor common area with a grill, but the greatest perk may be its Prospect Heights address near Prospect Park, the myriad dining options of Vanderbilt and Washington Avenues, and the Barclays Center transportation hub.
Condos@251 Saint Marks, #1B (Corcoran Group)
96 16th Street, #PH (Corcoran Group)
At 1006 Bergen Street, a Romanesque Revival brownstone has been converted to designer-quality condos with private outdoor terraces. Interiors are rich in prewar details like exposed brick walls and arched windows, but have been updated with modern touches like high-performance windows, open kitchens with stone counters and European appliances, primary baths with marble tiles, central air conditioning, and ducted washer/dryers. It is located on a tree-lined residential block near Prospect Park, the Brooklyn Botanic Garden, Franklin Avenue dining, and the 2, 3, 4, and 5 trains.
1006 Bergen Street, #4 (Douglas Elliman Real Estate)
Between its neutral brick facade, oversized windows, and sleek glass balconies, 1346 Pacific Street makes a modern addition to its historic Crown Heights block. The seven apartments inside comprise five one-bedrooms, a two-bedroom garden duplex, and a two-bedroom penthouse with a private roof. All interiors feature open-concept layouts, sleek kitchens with premium appliances, generous storage space, and in-unit laundry. It is located on a peaceful residential street, but one with easy access to the Brooklyn Children's Museum, popular Bedford-Stuyvesant and Crown Heights restaurants, and the Nostrand Avenue train.
1346 Pacific Street, #4A (In House Group)
Prospect Lefferts Gardens has come a long way in recent years, and The Alcove Residences is one of its most recent entrants. Whether a garden or balcony, each unit comes with private outdoor space; however, the building also offers a roof deck with private cabanas and 270-degree skyline views. It is close to Prospect Park, Nostrand Avenue and Little Caribbean dining, and the Winthrop Street 2/5 trains.
The Alcove Residences, #1B (Corcoran Group)
The 21 units of 1173 Rogers Avenue include nine one-bedrooms, 10 two-bedrooms, and two penthouse units on the top floor. Every unit comes with private outdoor space, but there is a common roof deck; additional amenities include a gym, bike room, package room, and virtual doorman service. The building also offers parking for purchase, but is close to the Newkirk Avenue-Little Haiti 2/5 trains.
1173 Rogers Avenue, #2B (Corcoran Group)
This particular stretch of Brooklyn is best known for its Victorian houses, but Stratford Terrace adds a contemporary touch with its (relatively) soaring height, arched windows, and private terraces. The 10 units comprise one one-bedroom, seven two-bedrooms, and two three-bedroom penthouses, all of which come with private outdoor space. Interiors feature expansive living space, chef's kitchens with Bertazzoni appliances and large islands, spa-like primary baths, Daikin HVAC split systems, and in-unit washer/dryers. Stratford Terrace is unusually amenity-rich for its building type and neighborhood, offering bike storage, a coded mail and package room, a fitness studio, a coworking lounge, and a roof terrace with 360-degree views.
Stratford Terrace, #301 (Corcoran Group)
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