
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.
In this article:
What is a New Development Condo
A new development condo is a sponsor unit (i.e., a unit owned by a developer or investor) in a new development. As such, the transaction occurs between a buyer and a developer.
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.
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.
Where to Find New Construction Condos
In 2024, over 1,600 new development sponsor units were signed across Manhattan, a 15% increase year-over-year. 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, Manhattan continues to lead the condo market. 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, and 80 Clarkson Street.
Narrowing Your Search
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.
Where to Find Listings for New Construction Condos
If you’re searching for a new construction condo, CityRealty is 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
Pros and Cons of Buying Early vs. Closer to the Move-in Date
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.
Always Work with an Expert Buyer’s Agent and Real Estate Attorney
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.
The rise of Boutique New Development in Brooklyn and Queens
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.
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.

Brooklyn Boutique Buildings Now Selling
6 stories | 16 units
3 availabilities from $1,095,000
3 availabilities from $1,095,000


At street level, 28 Herbert Street is distinguished by its curved corner and oversized windows. The condominium was constructed to Passive House standards with such elements as an airtight building envelope, triple-pane windows, and state-of-the-art air filtration. All apartments feature induction cooktops and energy-efficient appliances, not to mention 10-foot ceilings, floor-to-ceiling windows, in-unit laundry, and luxurious primary baths. Amenities include a double-height lobby, a fitness center, and a roof terrace with Manhattan skyline views.

28 Herbert Street, #4A (Compass)
4 stories | 4 units
2 availabilities from $1,550,000
2 availabilities from $1,550,000


In the heart of Williamsburg, a prewar townhouse at 323 South 5th Street was converted to a four-unit boutique condominium. The exterior has been spruced up to its original glory, but the interiors offer such modern perks as oversized noise-cancelling windows, built-in speaker sound systems, dual climate control central air conditioning, in-unit laundry, gourmet kitchens with Bosch appliances, and radiant heated floors in all bathrooms.
323 South 5th Street, #4
$1,650,000 (-5.7%)
Williamsburg | Condominium | 2 Bedrooms, 2 Baths | 1,007 ft2

323 South 5th Street, #4 (Brown Harris Stevens Residential Sales LLC)

8 stories | 22 units
3 availabilities from $895,000
3 availabilities from $895,000


30 Bushwick Avenue was designed inside and out to reflect the vibrant energy of its Williamsburg neighborhood. Each unit features oversized windows, white oak engineered wood floors, open-concept living space, sleek kitchens with Bosch appliances, and contemporary primary baths. Residents arrive to a stylish lobby, and amenities include a fitness center and roof terrace with skyline views.

30 Bushwick Avenue, #7A (Brown Harris Stevens Residential Sales LLC)

229 Withers Street
5 stories | 14 units
3 availabilities from $900,000
5 stories | 14 units
3 availabilities from $900,000


Down the street from McCarren Park, Ora brings a contemporary design to its residential block. Many of the apartments have private balconies, and all interiors feature oversized windows with bold black frames, open-plan living space, kitchens with polished quartz countertops and premium stainless steel appliances, stylish primary suites, and in-unit laundry. Amenities include a common roof deck and on-site parking for purchase, though the Graham Avenue L train is a short distance from the building.
5 stories | 22 units
7 availabilities from $1,175,000
7 availabilities from $1,175,000


65 Eckford Street is located at the nexus of Williamsburg and Greenpoint, allowing for close proximity to McCarren Park, Monsignor McGolrick Park, and popular restaurants in both Brooklyn neighborhoods. Warehouse-inspired windows fill all units with natural light, and interiors feature wide plank European white oak floors, Bosch appliances and Porcelanosa backsplashes in the kitchens, sleek primary baths, and in-unit laundry.

65 Eckford Street, #3D (Serhant)

4 stories | 5 units
2 availabilities from $2,395,000
2 availabilities from $2,395,000


The five units at 232 Eckford Street include a pair of one-bedroom units, a full-floor three-bedroom, a townhouse unit, and a penthouse with a private roof terrace. All interiors feature high ceilings with recessed lighting, floor-to-ceiling double-pane windows, 8" engineered white oak floors, elegant kitchens, generous closet space, Mitsubishi multi-zone split heating and cooling, and in-unit LG washers and dryers. Amenities include virtual doorman service, private storage, and bike storage, but the greatest perk may be its central Greenpoint address near Monsignor McGolrick Part, Bushwick Inlet Park, McCarren Park, popular local dining, and the Nassau Avenue G train.

232 Eckford Street, #PH (Nest Seekers LLC)


54 Dupont Street
4 stories | 6 units
1 availability for $2,795,000
4 stories | 6 units
1 availability for $2,795,000


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.

54 Dupont on the Park, #TH (Douglas Elliman Real Estate)

1411 Bushwick Avenue
5 stories | 12 units
4 availabilities from $599,000
5 stories | 12 units
4 availabilities from $599,000


Bushwick Avenue Lofts, a new development condominium on a particularly vibrant block, is open for immediate closings. All units feature oversized casement windows, open kitchens with quartz countertops and Blomberg appliances, primary baths with rain showers and hand showers, in-unit laundry, central air, and integrated sound systems. Parking is available for purchase, but public transportation options include the Chauncey Street J/Z and the Bushwick Avenue-Aberdeen Street L trains.

Bushwick Avenue Lofts, #3B (Corcoran Group)

4 stories | 8 units
3 availabilities from $925,000
3 availabilities from $925,000


1048 Flushing Avenue is a boutique condominium in the heart of Bushwick near Maria Hernandez Park, popular local dining and nightlife, and the Morgan Avenue L train. The building is topped with a shared roof deck, and all units offer private outdoor space. Interiors feature oversized windows, wide plank oak flooring, kitchens with high-end appliances, and queen-size bedrooms.

1048 Flushing Avenue, #2L (Corcoran Group)

5 stories | 20 units
4 availabilities from $565,000
4 availabilities from $565,000


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 of Brooklyn LLC)

4 stories | 8 units
3 availabilities from $795,000
3 availabilities from $795,000

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1019 Hancock Street is a boutique condominium with eight two- and three-bedroom units. All units feature oversized windows, high ceilings, thoughtfully designed layouts, generous closet space, and modern kitchens with breakfast bars and top-of-the-line appliance packages that include wine fridges. The building is half a block from the Halsey Street J train and close to popular Bushwick restaurants.

1019 Hancock Street, #4A (Corcoran Group)

4 stories | 8 units
3 availabilities from $640,000
3 availabilities from $640,000


On the same block as 1019 Hancock Street (see above), 1020 Hancock Street makes a modern addition to its Bushwick block. Oversized double-pane windows allow for abundant natural light, and all interiors feature 5" white oak floors, dual-zone heating and cooling, in-unit laundry, and thoughtful kitchens with quartz countertops and abundant cabinetry. Storage units are included with all apartments, and the building also offers a common lounge.

1020 Hancock Street, #4A (Brown Harris Stevens Residential Sales LLC)

5 stories | 8 units
4 availabilities from $750,000
4 availabilities from $750,000


702 Hancock Street is Bedford-Stuyvesant's first condominium to be built to Passive House standards. There are solar panels on the roof, and features like an airtight building envelope, triple-pane windows, and energy recovery ventilation systems allow for low energy costs and quiet, temperate interiors. All apartments come with deeded storage and feature private balconies, high ceilings, wide plank white oak flooring, kitchens with stainless steel appliances, baths with high-end fixtures, and washer/dryer hookups.
702 Hancock Street, #2A
$795,000 (-16.3%)
Bedford-Stuyvesant | Condominium | 2 Bedrooms, 1 Bath | 771 ft2

702 Hancock Street, #2A (Compass)

6 stories | 11 units
2 availabilities from $695,000
2 availabilities from $695,000

At the nexus of Bedford-Stuyvesant and Clinton Hill, 1118 Fulton Street towers over its nearest neighbors and brings a touch of modernity to its Brooklyn block. Many units have private outdoor space, and all residents have access to the building's common roof deck. Interiors feature exposed concrete ceilings, oversized windows, stylish kitchens, premium baths, generous storage, and in-unit washer/dryers.

1118 Fulton Street, #4F (Corcoran Group)

4 stories | 4 units
2 availabilities from $1,595,000
2 availabilities from $1,595,000

In fall 2023, sales launched on the four floor-through condos at 96 16th Street. Plans for the building go back to the mid-2010s, when it was originally conceived as a Passive House, but difficulties at the site and the pandemic significantly slowed the process. It is in a peaceful location near Prospect Park, Greenwood Cemetery, 5th Avenue, and the Prospect Avenue R train.

96 16th Street, #3 (Nest Seekers LLC)

5 stories | 8 units
2 availabilities from $1,790,000
2 availabilities from $1,790,000


In the heart of South Slope-Greenwood Heights, 265 20th Street makes a modern yet respectful addition to its residential block. All units feature oversized windows, white oak flooring, sleek kitchens with high-end appliances, central air conditioning, and washer/dryer hookups. Amenities include video intercom system, a fitness center, private storage for purchase, and a common roof deck with beautiful views.
265 20th Street, #GARDENE
$2,085,000
South Slope - Greenwood Heights | Condominium | 3 Bedrooms, 2.5 Baths | 1,901 ft2

265 20th Street, #GARDENE (Compass)

624 New York Avenue
6 stories | 10 units
4 availabilities from $840,000
6 stories | 10 units
4 availabilities from $840,000


Boutique condominium Calvert Villas is the first stage of The Calvert Collection, a two-building development on a tree-lined block in Prospect Lefferts Gardens. All units feature abundant natural light, 7.5" white oak flooring, kitchens with custom walnut cabinetry and high-end appliances, luxe primary baths, and in-unit laundry.
Residential amenities include a lobby lounge, a fitness center, a lounge with work pods and demonstration kitchen, a children’s playroom, a landscaped courtyard, and a rooftop deck with outdoor kitchen. A private school is located in the base of the building, which also enjoys excellent proximity to Prospect Park, Little Caribbean dining, and the Winthrop Street 2/5 trains.
Residential amenities include a lobby lounge, a fitness center, a lounge with work pods and demonstration kitchen, a children’s playroom, a landscaped courtyard, and a rooftop deck with outdoor kitchen. A private school is located in the base of the building, which also enjoys excellent proximity to Prospect Park, Little Caribbean dining, and the Winthrop Street 2/5 trains.
Calvert Villas, #PH5A
$1,650,000
Prospect Lefferts Gardens | Condominium | 3 Bedrooms, 3.5 Baths | 1,652 ft2

Calvert Villas, #PH5A (Corcoran Group)


7 stories | 21 units
3 availabilities from $445,000
3 availabilities from $445,000


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, #5B (Corcoran Group)

Queens Boutique Buildings
11-52 44th Drive
7 stories | 22 units
4 availabilities from $795,000
7 stories | 22 units
4 availabilities from $795,000


Enzo is a new boutique condominium located around the corner from Murray Playground and athletic fields, and in close proximity to MoMA PS1, Jackson Avenue dining, and the Court Square transportation hub. Many of the one- to three-bedroom units come with private outdoor space, and all interiors feature high ceilings with recessed lighting, wide plank hardwood floors, open-concept living rooms, kitchens with custom cabinetry and Bosch appliances, and in-unit laundry. Amenities include virtual doorman service, private storage, bike storage, a landscaped backyard, and a roof terrace with Manhattan skyline views.

Enzo, #4B (Nest Seekers LLC)

11-32 31st Avenue
8 stories | 29 units
7 availabilities from $740,000
8 stories | 29 units
7 availabilities from $740,000


VELA has taken shape down the street from Hallett's Cove Beach and the Astoria ferry terminal. All units offer private outdoor space, and Scandinavian-inspired interiors feature large framed windows, sleek kitchens with stainless steel appliances, baths with imported porcelain tiles, and stackable washers and dryers. Amenities include virtual doorman service, a fitness center with dedicated yoga studio, a package room, private storage, bike storage, on-site parking, and a roof terrace with grills and Manhattan skyline views.

VELA, #2D (Serhant)

12-16 30th Avenue
5 stories | 16 units
2 availabilities from $749,000
5 stories | 16 units
2 availabilities from $749,000


The Bennett's red brick facade and oversized windows pay respectful tribute to Astoria's industrial heritage. However, the interiors were designed to cater to the modern buyer with touches like open-plan layouts, contemporary kitchens with top-of-the-line appliances, spa-like baths, ample closet space, and in-unit washer/dryers.
Amenities include a fitness center, a courtyard, and a roof terrace with views of the Manhattan skyline and the RFK Bridge. The building also offers bike storage and on-site parking, though it is located in close proximity to multiple public transportation options like the 30th Avenue N/R trains, the Astoria ferry terminal, and multiple bus routes.
Amenities include a fitness center, a courtyard, and a roof terrace with views of the Manhattan skyline and the RFK Bridge. The building also offers bike storage and on-site parking, though it is located in close proximity to multiple public transportation options like the 30th Avenue N/R trains, the Astoria ferry terminal, and multiple bus routes.

The Bennett, #203 (Compass)

14-35 Broadway
8 stories | 15 units
3 availabilities from $745,000
8 stories | 15 units
3 availabilities from $745,000


The Destination is a new development condominium located a short distance from Astoria destinations that include Socrates Sculpture Park, The Noguchi Museum, and Hallett's Cove Beach. All apartment interiors feature oversized windows, Italian kitchens with undercabinet lighting and Perla countertops, and designer baths. Select units have private balconies, and all residents have access to the building's common roof terrace with cabanas.

The Destination, #3R (Compass)

31-27 Crescent Street
7 stories | 28 units
5 availabilities from $777,000
7 stories | 28 units
5 availabilities from $777,000


At street level, Siena is distinguished by its red brick facade, double-paned casement windows, and metal detailing. Interiors feature tall ceiling heights, wide-plank European oak flooring, open-concept layouts, kitchens with custom cabinetry and premium stainless steel appliances, central heating and cooling, and in-unit laundry. Amenities include virtual doorman service, a package room, a fitness center, and a roof deck with Manhattan skyline views. The building also offers complimentary bike storage and on-site parking for purchase.

Siena, #3B (Corcoran Group)

22-58 46th Street
8 stories | 35 units
3 availabilities from $1,195,000
8 stories | 35 units
3 availabilities from $1,195,000


With its red brick facade and oversized windows, Fabric Astoria makes a historically respectful addition to the neighborhood. All units feature open plan layouts, herringbone-pattern oak floors, modern kitchens with top-of-the-line appliances, primary bedrooms with custom closets and well-thought en suite baths, and in-unit washer/dryers.
Over 21,000 square feet of indoor and outdoor amenities include a two-level courtyard terrace, a fitness center with courtyard access, a lounge with pool table, a coworking lounge with conference rooms and private work stations, and two landscaped roof terraces. A 421a tax abatement is in effect.
Over 21,000 square feet of indoor and outdoor amenities include a two-level courtyard terrace, a fitness center with courtyard access, a lounge with pool table, a coworking lounge with conference rooms and private work stations, and two landscaped roof terraces. A 421a tax abatement is in effect.

Fabric Astoria, #201 (MNS)

27-23 Crescent Street
5 stories | 14 units
3 availabilities from $695,000
5 stories | 14 units
3 availabilities from $695,000


The Mona is a modern new boutique condominium located down the street from Astoria Park. Many of the one- and two-bedroom units come with private balconies, and all apartments are reached via smart lock entry. Interiors feature 9' ceilings, floor-to-ceiling triple-pane windows, kitchens with quartz countertops and Samsung appliances, primary baths with deep soaking tubs, multi-zone VRF heating and cooling, and in-unit laundry. Amenities include virtual doorman service, a package room, bike storage, private storage, on-site parking, a fitness center, and two roof terraces.

The Mona, #3D (Nest Seekers LLC)

Would you like to tour any of these properties?
Just complete the info below.
Or call us at (212) 755-5544
Would you like to tour any of these properties?