In 2022, over 1,700 condo units were launched in Manhattan, and another 1,500 units are projected to launch through this year and into 2024. In addition to the current activity in Manhattan, new developments continue to launch 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.
Buying a unit in a new construction condo carries many advantages, but the process is also different than purchasing a resale condo, coop, or existing family home. Fortunately, no one has to navigate it alone. CityRealty experts are on hand to help, and this article looks at the databases and professionals to assist you.
In this article:
Research the Developer and Visit the Model Unit
From developments that take months and even years longer than expected to reach completion (One High Line was known all too well for this) to developments that never deliver on their promise to provide high-end services, there are plenty of stories about new construction condo projects gone wrong. Fortunately, most developments are fully realized, meeting and exceeding buyers’ expectations. Still, buyers are encouraged to take the following steps to mitigate risks.
Assess the developer’s past projects
The best way to determine if a development currently under construction will resemble its architectural rendering and deliver on other promises (e.g., the promise of high-end amenities or services) is to look at the developer’s track record. While you may not find anyone raving about the fact that their condo was finished on time or that the marble finishes in the bathroom are the spitting image of the original architectural rendering, if the development took months longer than expected or the finishes are subpar, you won’t have to dig far to find evidence, including unfavorable online reviews and articles.Review past lawsuits against the developer
Bad reviews may be a concern, but a pattern of past buyers taking legal action against a developer is an even bigger red flag. Simply searching for the developer with a keyword such as “lawsuit” is a good place to start. If you want to dig deeper, do a search using a legal database such as Lexis or Bloomberg Law. If you don’t have access to a legal database already, you can search legal cases using WestlawNext Patron Access by visiting any local public library in New York City. Once again, simply search the name of your developer, and if there is a pattern of consumers taking legal action against the developer, it will soon become apparent.Visit the model unit
One of the best ways to ensure you’re putting in an offer on a condo unit that meets your expectations is to visit the building’s model unit. Of course, depending on the stage of the project’s development, there may or may not be a model unit available. If you can visit the model unit, pay attention to the details. For example, do the floors and countertop finishes match the ones featured in the architectural rendering? Is the unit as spacious as expected? What appliances have been installed?Inspecting a new construction condo
It is important to note that just because a unit is new doesn’t mean it will be problem-free. In fact, new condos often have more problems than resale condos and coops because they haven’t yet been put to the stress test posed by daily living. For that reason, new construction condo buyers are encouraged to hire a trained inspector to do an inspection prior to the contract signing whenever possible – depending on the condo’s stage of development, it may not be.Depending on the size of the unit, the inspection will typically cost anywhere from $500 to $1,000. While inspectors look for many different problems, key areas of focus include signs of water seepage (both outside water seepage and inside plumbing leaks), electrical work, and appliance installations, including proper hook-up of any gas appliances. While the inspection only focuses on your unit, the inspector can ask to look at other parts of the building, including common areas, though the developer may not give permission.
Review the Offering Plan with an Attorney
In order to close any real estate transaction in New York City, you must contract with an attorney. However, real estate attorneys are particularly important when buying a new construction condo since they can help you review the developer’s offering plan and negotiate contingencies to help you lower your closing cost and protect your financial interest if something goes wrong with the project.
Features of an offering plan and important contingencies
Offering plans for new construction condos typically describe:- What you are buying (i.e., a detailed description of the unit)
- The process for how the transaction will take place (e.g., the down payment schedule and who will cover closing costs)
- How the building will be managed by the developer until it is handed over to the condo board
- Special risks (e.g., if the condo has street-level retail, this section may provide details on the types of retail permitted)
In addition, the offering plan will include a number of exhibits, such as:
- The purchase agreement
- The condo declaration and by-laws
- Floor plans and, in most cases, an architectural description of the building
- Information on taxes (e.g., projected taxes and who will cover which taxes at which point in the project’s development)
Among other things, you and your attorney should be on the lookout for clauses that protect the sponsor but disadvantage the buyer, including the absence of a financing contingency. After all, if there is no financing contingency and your lender doesn’t approve your mortgage, you’ll lose your down payment to the sponsor, who can then seek out another buyer for the same unit.
Most Anticipated New Condo Launches in 2024
The information presented in this article can be applied to new development condominiums in the works throughout Manhattan, Brooklyn, and Long Island City. While the projects are in various stages of development — prospective buyers are able to take the construction elevator up The Greenwich by Rafael Vinoly to look at unfinished apartments, but work has only recently begun on 255 East 77th Street — one commonality is how they will bring eye-catching design, new housing units, and well-thought amenities to their neighborhoods. Below, see the 21 forthcoming condo projects we are most excited to see come to market in 2024.
Developed by The Leser Group and Horizon Group | Design by Fischer + Makooi Architects
18 stories | 65 units
18 stories | 65 units
In summer 2023, construction topped out on 609 Second Avenue, a new Kips Bay condominium with renderings depicting a brick facade, oversized windows, and curved upper-level balconies. Permits call for no more than five units per floor up to the 14th floor and full-floor penthouse from floors 15 to 18. An extensive amenity package is set to include an attended lobby, a lounge, a fitness center with yoga room, a half-court basketball court, and a rooftop sundeck with cooking and dining areas.
429 Second Avenue
Developed by New Empire Real Estate | Design by DXA Studio
12 stories | 59 units
Developed by New Empire Real Estate | Design by DXA Studio
12 stories | 59 units
On the outside, Hendrix House brings clean lines and modern design to its Kips Bay corner. On the inside, all units are set to feature "home office hot spots" in response to the pandemic-induced shift to hybrid work environments. Shared amenities are set to include a communal coworking lounge, a fitness center with steam room and sauna, and an outdoor garden.
Developed by Circle F Capital | Design by Fogarty Finger Architects
23 stories | 58 units
23 stories | 58 units
Usurping a diminutive retail building, once part of the iconic J&R Music record store, a prow-shaped mixed-use tower has recently topped out at the corner of Park Row and Ann Street in the Financial District. Upon completion, the 305-foot-tall building will have ground-floor retail, several floors of office space, and 64 residential condominium units in one- to three-bedroom configurations.
Given the site's prominent location and plethora of mass transit options, you'd think our antiquated zoning would allow for a larger development. The project is adjacent to the interestingly awkward Park Row Tower and down the block from the handsome condo developments of 25 Park Row and No. 33 Park Row. City Hall Park, the World Trade Center, the Fulton Transit Center, and the Seaport District are moments away. While an offering has yet to be filed, Paris Forino is said to be the interior designer and SERHANT will be leading sales and marketing.
Given the site's prominent location and plethora of mass transit options, you'd think our antiquated zoning would allow for a larger development. The project is adjacent to the interestingly awkward Park Row Tower and down the block from the handsome condo developments of 25 Park Row and No. 33 Park Row. City Hall Park, the World Trade Center, the Fulton Transit Center, and the Seaport District are moments away. While an offering has yet to be filed, Paris Forino is said to be the interior designer and SERHANT will be leading sales and marketing.
Developed by Naftali Group | Design by Hill West
21 stories | 175 units
21 stories | 175 units
Work is underway on a massive Williamsburg waterfront project that will include prolific developer Naftali Group's first Brooklyn condo offerings. Details are not yet available on the interiors and amenities, but it is certain that residents will enjoy gorgeous river views. They will also enjoy close proximity to Domino Park as well as the robust dining and retail scene that has sprung up around The Refinery at Domino Sugar.
Developed by New Empire Real Estate | Design by ODA Architecture
19 stories | 124 units
19 stories | 124 units
Long Island City has been afflicted with some of the most mundane new buildings in the city. That has started to change with new projects such as Hero LIC and The Nova. The next attention-grabbing build will come from the active developer New Empire Corp, who has teamed up with Eran Chen's ODA New York to design a 19-floor, 117-unit condo at the Queens entrance of the Ed Koch Queensboro Bridge.
According to the Bentley Zhao-led development company, the tower's massing will maximize views and natural light, emphasizing the landmark corner, and ultimately creating a gateway to Manhattan along Queens Plaza North. The rather sexy design embodies ODA's signature style and has already received a NYC Innovation in Design Award from the City Council.
The team broke ground on the dynamic building in summer 2023, and upon completion, sometime in the next year, it will deliver studio to two-bedroom condos, most of which will have private outdoor space. Amenities are to include a top-floor lounge, communal outdoor spaces, on-site parking, and a fitness center. Sales are to launch later this year.
According to the Bentley Zhao-led development company, the tower's massing will maximize views and natural light, emphasizing the landmark corner, and ultimately creating a gateway to Manhattan along Queens Plaza North. The rather sexy design embodies ODA's signature style and has already received a NYC Innovation in Design Award from the City Council.
The team broke ground on the dynamic building in summer 2023, and upon completion, sometime in the next year, it will deliver studio to two-bedroom condos, most of which will have private outdoor space. Amenities are to include a top-floor lounge, communal outdoor spaces, on-site parking, and a fitness center. Sales are to launch later this year.
441 West 54th Street
Developed by Yaus Clinton Special Clinton District LLC | Design by ODA Architecture
7 stories | 28 units
Developed by Yaus Clinton Special Clinton District LLC | Design by ODA Architecture
7 stories | 28 units
Between Japanese-inspired interiors, no more than four units per floor, and amenities like a courtyard with a green wall and an outdoor terrace with meditation area, The Gild strives to create an oasis of serenity in a bustling section of Hell's Kitchen near the Theater District and Columbus Circle. In addition to private balconies for approximately half the apartments, three penthouses will boast spacious private terraces and three townhouse units will offer private backyards. Indoor amenities are set to include a bike room, gym, and double-height lobby.
Developed by RYBAK Development | Design by ZPROEKT
21 stories | 23 units
21 stories | 23 units
Plans for a new project at 660 Lexington Avenue date back to December 2021, when Rybak Development acquired the site for $24.4 million (per Acris). The area was only zoned for commercial and hospitality buildings at the time, but plans for a residential building were filed in 2022. A September 2023 Instagram post dubbed it "the jewel of Midtown" and depicted a building with a light stone facade and setback terraces.
Developed by MRR Development | Design by ODA Architecture
28 stories | 147 units
28 stories | 147 units
678 Lexington Avenue sits in the shadow of nearby supertall 432 Park Avenue, but makes a statement of its own with a "pixelated" facade and creative massing that allows for unique layouts and private outdoor space in almost every unit. Residential amenities are set to include a landscaped courtyard, fitness center, indoor sports court, indoor pool, sauna and steam room, party lounge with prep kitchen, and roof terrace.
Developed by Glacier Equities and InterVest Capital Partners | Design by Thomas Juul-Hansen
17 stories | 131 units
17 stories | 131 units
The Upper West Side is one of the toughest areas in the city for new construction, which explains its high prices and the steady stream of conversions displacing long-time residents and businesses. The latest is at 720 West End Avenue, which was built as the Hotel Marcy in 1927 and is being turned into -- you guessed it -- a luxury condominium.
Originally designed by Emery Roth and opened in 1927, this Renaissance Revival-style building is being restored to bring the marquee, main entrance, and stone base back to its former glory. The interiors will house 131 condos, averaging over 1,500 square feet in size. Thomas Juul-Hansen is reimagining the interiors, with apartments starting on the second floor and several duplex units with private terraces located throughout the 17-story building.
Originally designed by Emery Roth and opened in 1927, this Renaissance Revival-style building is being restored to bring the marquee, main entrance, and stone base back to its former glory. The interiors will house 131 condos, averaging over 1,500 square feet in size. Thomas Juul-Hansen is reimagining the interiors, with apartments starting on the second floor and several duplex units with private terraces located throughout the 17-story building.
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As expected, the building will be fully decked out with amenities. They are set to include on-site parking, a private bar and dining room, wellness-oriented fitness studios, basketball, squash, a library, a makers space, a children’s playroom, outdoor landscaped terraces and courtyards, and much more.
Earlier this winter, the project made headlines due to a massive illegal advertisement. No comment was made on why the developer thought this would fly on the Upper West Side, but it does signal that the sales launch is imminent. However, the offering plan has not yet been approved, and the team expects sales to begin this spring.
Earlier this winter, the project made headlines due to a massive illegal advertisement. No comment was made on why the developer thought this would fly on the Upper West Side, but it does signal that the sales launch is imminent. However, the offering plan has not yet been approved, and the team expects sales to begin this spring.
Developed by EJS Development | Design by Beyer Blinder Belle
18 stories | 36 units
18 stories | 36 units
At the beginning of February 2024, a teaser site went live for 200 East 75th Street. Designer Beyer Blinder Belle drew on local prewar architecture for inspiration, and it shows in the building's limestone base, fluted terra cotta accents, and ornamental metal detailing.
All units, including the five full-floor penthouses at the top of the building, will feature interiors by Yellow House Architects in the AD100 firm's first full-scale residential building. Information about the building's lifestyle amenity package is not yet available, but it will certainly benefit from close proximity to Central Park, popular Upper East Side restaurants, and the 6 and Q trains.
All units, including the five full-floor penthouses at the top of the building, will feature interiors by Yellow House Architects in the AD100 firm's first full-scale residential building. Information about the building's lifestyle amenity package is not yet available, but it will certainly benefit from close proximity to Central Park, popular Upper East Side restaurants, and the 6 and Q trains.
Developed by Nava Companies | Design by DXA Studio
7 stories | 9 units
7 stories | 9 units
After winning approval from the Landmarks Preservation Commission in 2017, developer NAVA is moving full steam ahead on their seven-story boutique condo at the acute corner of Sixth Avenue and White Street in the Tribeca East Historic District. Designed by DXA Studio as a modern take on a classic cast-iron building, the project will be dressed in a bronze rainscreen etched with acid to create a mesh-like pattern.
The ten condominium residences will come in two- to four-bedroom layouts and will have integrated exterior window shades and many sustainability features built in. The architects explain it will be an "ultra-efficient passive building with large high-performance windows and a hyper and continuously insulated rainscreen envelope beneath its metal-clad exterior." Given its small stature, it's likely sales will launch later this year.
The ten condominium residences will come in two- to four-bedroom layouts and will have integrated exterior window shades and many sustainability features built in. The architects explain it will be an "ultra-efficient passive building with large high-performance windows and a hyper and continuously insulated rainscreen envelope beneath its metal-clad exterior." Given its small stature, it's likely sales will launch later this year.
Developed by Naftali Group | Design by Hill West
36 stories | 62 units
36 stories | 62 units
Down the street from 200 East 83rd Street, its luxury condominium that took its section of Yorkville by storm, Naftali Group is hard at work on a new condominium at 255 East 77th Street. There will be very few units per floor, and residential amenities are set to include a fitness center, pool, lounge, roof deck, and parking garage.
Developed by Naftali Group | Design by Hill West
18 stories | 45 units
18 stories | 45 units
Fresh off its success on Madison Avenue with The Benson and The Bellemont, Naftali Group looked to the Upper West Side starting in spring 2022, when it purchased an assemblage of properties on West 84th Street. The project was delayed when a lone tenant in one of the properties refused to move out, but the developer settled with them in June 2023 and work is now underway.
125 Greenwich Street
Developed by Bizzi & Partners and Fortress Investment Group | Design by Rafael Vinoly
72 stories | 272 units
Developed by Bizzi & Partners and Fortress Investment Group | Design by Rafael Vinoly
72 stories | 272 units
The Greenwich by Rafael Viñoly was conceived as Lower Manhattan's answer to 432 Park Avenue, another Viñoly design. Construction stalled between difficulties with the developer and the pandemic-induced lockdown, but the developer received a new round of financing in February 2023 and a sales launch is on the horizon.
Interiors by MAWD will feature incredible light and views, high-end finishes, and a choice of three distinct interior finish palettes. Over 27,000 square feet of amenities will be spread over four floors, including the building's top three floors, and include a fitness center, lap pool, and spa.
Interiors by MAWD will feature incredible light and views, high-end finishes, and a choice of three distinct interior finish palettes. Over 27,000 square feet of amenities will be spread over four floors, including the building's top three floors, and include a fitness center, lap pool, and spa.
Developed by Madison Realty Capital | Design by Robert A.M. Stern Architects
17 stories | 20 units
17 stories | 20 units
If the original plans for 16 Fifth Avenue had gone forward, a 27-story limestone-clad building would have outstripped the nearby 1 Fifth Avenue as the tallest building in Greenwich Village. The Landmarks Preservation Commission objected to the towering height, and local preservationists tried to save the buildings it would rise on the site of, citing their history as the homes of Isaac Singer and Celeste Holm.
A new, shorter building was approved in May 2021, but it has not been smooth sailing since then. In May 2023, the New York Post reported that construction on the site had undermined the structure of the neighboring 10 Fifth Avenue to a point where cracks formed in the facade and it was not safe for residents to stay.
A new, shorter building was approved in May 2021, but it has not been smooth sailing since then. In May 2023, the New York Post reported that construction on the site had undermined the structure of the neighboring 10 Fifth Avenue to a point where cracks formed in the facade and it was not safe for residents to stay.
Developed by Rabina Properties | Design by Kohn Pedersen Fox
71 stories | 98 units
71 stories | 98 units
Planned since the mid-2000s when legendary developer Aby Rosen envisioned a glassy mixed-use tower by the late Cesar Pelli, 520 Fifth Avenue is finally on the rise. With accrued air rights of surrounding properties in tow, the long-awaited endeavor will top out later this year at 76 stories, 1,000 feet tall, making it the second-loftiest building on Fifth Avenue, only behind the Empire State Building.
After a bit of real estate tumult (to put it lightly), Rabina Properties is steering the project to fruition, with a design by the supertall extraordinaries, Kohn Pedersen Fox (KPF). Led by KPF president and design principal, James von Klemperer, the stepped and spiraling design (as if Chicago's Sears Tower had a prettier, less sinister baby) is said to echo the wedding cake towers prescribed by the city's old 1916 zoning laws.
Designed for the ages, the slender tower will be wrapped in oversized arched windows, lending upper floors incredible views of the Empire State Building and beyond. Aside from its 98 ultra-luxury residences, the project intends to embrace the live/work paradigm, with a substantial retail and office component on lower floors. No sales date has been confirmed, but given its steady progress, a sales launch by year-end is possible with delivery sometime in late 2026.
After a bit of real estate tumult (to put it lightly), Rabina Properties is steering the project to fruition, with a design by the supertall extraordinaries, Kohn Pedersen Fox (KPF). Led by KPF president and design principal, James von Klemperer, the stepped and spiraling design (as if Chicago's Sears Tower had a prettier, less sinister baby) is said to echo the wedding cake towers prescribed by the city's old 1916 zoning laws.
Designed for the ages, the slender tower will be wrapped in oversized arched windows, lending upper floors incredible views of the Empire State Building and beyond. Aside from its 98 ultra-luxury residences, the project intends to embrace the live/work paradigm, with a substantial retail and office component on lower floors. No sales date has been confirmed, but given its steady progress, a sales launch by year-end is possible with delivery sometime in late 2026.
Developed by Five Point Development | Design by Meganom and SLCE Architects
56 stories | 26 units
56 stories | 26 units
The city's most ill-placed skyscraper in recent memory is nearly topped out at the southwest corner of Fifth Avenue and 29th Street. Blotting out views of the Empire State Building up and down Fifth Avenue, the 860-foot tower was foisted upon us by Israeli-Russian billionaire Boris Kuzinez and Moscow-based architects Meganom. Details on the project have been scarce, but permits show it will have just 26 units spread across its 56 floors.
The small footprint yields shallow residential floor plates, allowing column-free layouts where residents will enjoy unobstructed views north toward the Empire State Building and south toward the Flatiron Building and downtown. There is no information available yet on when sales will commence, but expectations are that the homes will be opulent, bright, and capacious, in contrast to the tower's austere design.
The small footprint yields shallow residential floor plates, allowing column-free layouts where residents will enjoy unobstructed views north toward the Empire State Building and south toward the Flatiron Building and downtown. There is no information available yet on when sales will commence, but expectations are that the homes will be opulent, bright, and capacious, in contrast to the tower's austere design.
20 East 76th Street
Developed by Corinthia Group and Reuben Brothers | Design by BKSK Architects
16 stories | 14 units
Developed by Corinthia Group and Reuben Brothers | Design by BKSK Architects
16 stories | 14 units
When the Upper East Side's historic Surrey Hotel reopens as The Surrey, a Corinthia Hotel this summer, it will feature a collection of 14 residential units on the uppermost floors. Like the hotel rooms, they will feature interiors by Martin Brudnizki Studio. The hotel is partnering with private members' club Casa Tua for the food and beverage offerings, and amenities are set to include a state-of-the-art fitness center, jewel-box spa, and sauna and steam room.
Developed by Aurora Capital Associates | Design by BKSK Architects
11 stories | 15 units
11 stories | 15 units
The West Village, the Malibu of Manhattan, is nearly impossible to find an apartment in if you're not well-heeled. With much of the neighborhood appropriately protected (even the staunchest YIMBY would agree these streets are worth saving), new development offerings are truly rare. One of the neighborhood's last waterfront development sites at 134 Jane Street is giving way to an 11-story condominium developed by Aurora Capital. BKSK Architects is helming the design, which will host 11 residences in three- to six-bedroom configurations. According to documents filed with NYC DOB, the ground floor will have grand archways, and some units will have either a terrace or balcony. The site is across from the Jane Hotel, which is slated to become a private club, and from Hudson River Park's newly opened Gansevoort Peninsula.
8 South 4th Street
Developed by Two Trees Management | Design by Selldorf Architects
39 stories | 160 units
Developed by Two Trees Management | Design by Selldorf Architects
39 stories | 160 units
In the heart of the redevelopment of the Domino Sugar Factory site in Williamsburg, One Domino Square is rising on the parcel closest to the Williamsburg Bridge to make the most of bridge, river, and skyline views. The two towers rest on a seven-story podium, and three floors of residential amenities are set to include a fitness center, aquatic suite, outdoor loggia, sports simulators, children’s playroom, and outdoor terrace with grills and outdoor pool.
Developed by Zeckendorf Development, Atlas Capital and the Baupost Group | Design by COOKFOX Architects
34 stories | 133 units
34 stories | 133 units
At the nexus of the West Village and Hudson Square, construction is underway on a pair of residential towers to rise on a full-block site overlooking the Hudson River waterfront. Developed by the legendary Zeckendorf Development, the project will feature more than 100 luxury condominium residences offering breathtaking views of the river and cityscape from every room. CookFox Architects is responsible for the exterior design, while Thierry Despont will hone the interiors. The site is the northernmost section of the former St. John’s Terminal Building, while the southern portion was redeveloped into the 1.3 million sf Google Headquarters. Soaring up to 450 feet tall, the height of the towers was made possible through amended zoning and the purchase of air rights from Pier 40.
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?
Contributing Writer
Cait Etherington
Cait Etherington has over twenty years of experience working as a journalist and communications consultant. Her articles and reviews have been published in newspapers and magazines across the United States and internationally. An experienced financial writer, Cait is committed to exposing the human side of stories about contemporary business, banking and workplace relations. She also enjoys writing about trends, lifestyles and real estate in New York City where she lives with her family in a cozy apartment on the twentieth floor of a Manhattan high rise.
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