New Development homes

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Downtown | Brooklyn | Condo

$1,274,900

112 Fleet Place

2Beds
2Baths
1,000Sq.ft.

East Harlem | Manhattan | Coop

$250,000

302 E 119th Street

1Beds
1Baths

Upper East Side | Manhattan | Coop

$8,900,000

112 E 74TH Street

5Beds
4Baths
3,000Sq.ft.

Downtown | Manhattan | Condo

$6,995,000

50 W 30TH Street

3Beds
3Baths
2,190Sq.ft.

Upper East Side | Manhattan | Coop

$825,000

525 E 89th Street

2Beds
1Baths
1,000Sq.ft.

Upper West Side | Manhattan | Coop

$1,650,000

32 W 82ND Street

2Beds
2Baths

Financial District | Manhattan | Condo

$1,300,000

15 William Street

1Beds
1Baths
1,065Sq.ft.

Brooklyn Heights | Brooklyn | Coop

$699,000

96 SCHERMERHORN Street

1Beds
1Baths

Carroll Gardens | Brooklyn | Condo

$885,000

156 SACKETT Street

2Beds
1Baths
800Sq.ft.

Hamilton Heights | Manhattan | Coop

$600,000

435 Convent Avenue

2Beds
1Baths

Chelsea | Manhattan | Condo

$1,375,000

540 W 28TH Street

1Beds
1Baths
776Sq.ft.

Soho | Manhattan | Condo

$1,250,000

246 Spring Street

1Beds
1Baths
754Sq.ft.
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Peter’s experience can make the difference between a great acquisition, overpaying, or missing the perfect home.

Frequently asked questions

Your dreams have an address

Do you dream of luxury, state-of-the-art, modern architecture and interiors? Are you willing to compromise? Nope! You may want to consider buying in new construction. You’ll often find a ‘greener’ profile, with the latest building and home automation technologies. Many feature outstanding amenities packages that go way beyond a gym like a pet spa, music studio, climbing wall, grills, lounges, pool, or sundeck. New development comes at a premium price to existing home resales, and buyers seem to understand their value considering the high demand for them. We represent and guide our clients through a very complex transaction process as their agent and advocate.

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Reality TV shows love to showcase billionaires shopping for new trophy homes, with eye-popping, eight-figure price tags. But there are units positioned to sell more reasonably that we can show you. You’ll get warranties on appliances and construction that don’t come with a resale property; as well as the satisfaction of knowing that you are the apartment’s very first resident. Plus, There is no fee paid directly by buyers for our services. Begin your new development search here.

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Herzog & DeMuron’s recent “Jenga building” at 56 Leonard Street rises above Tribeca’s classic loft buildings. A now sold-out super-luxury building, that Corcoran’s new development marketing arm Corcoran-Sunshine represented. Beautiful!

56 Leonard Street, Tribeca, Manhattan

Who’s the builder?

A developer’s reputation is important. What is their track record for first-class construction with a high level of craftsmanship? Developers always claim to deliver ‘luxury homes’, yet the quality gap of construction and design between different new buildings can be pretty wide. We can help you evaluate the quality of build, and level of finishes. We’ll do that based on what’s important to you. Are you a kitchen person or a view buyer? Oh snap, you want both! Unlike a resale with one or two units available at any given time, we can often show you multiple units in the same building and offer you some interesting choices.

Will you get what you paid a premium for? Buyers will often look at finishes in a showroom or model home, rather than in a finished apartment, and buy off a floor plan, rather than a walk-through of the actual unit you are buying. It is a leap of faith that the finished unit will match your expectations. Closing time frames with new developments are somewhat fluid, and the purchase agreements are written in favor of the sponsor to allow for delays. Peter helps clients see beyond the slick sales office presentations to discern the differences, and evaluate the genuine value of what’s being being offered to his customers.

Do I need a broker?

Well, when you walk into a sponsor’s sales office you will be talking to a broker who works for the Sponsor. That agent’s responsibility is to obtain the highest sales price possible for the Sponsor; and will ask you to sign a mandatory ‘NYS Real Estate Agency Disclosure’ form that says so. Don’t you deserve professional representation too? Let Peter set-up that very first visit to the sales office.

Sponsors are never casually testing the waters. They actually need to sell and can be notoriously tough to negotiate with. Peter’s advice is never step into a sponsor’s sales office on your own. Bring us. That’s where Peter’s experience can make the difference between a great acquisition, overpaying, or missing an opportunity on a home that you love. Your representation matters.

In the past, we’ve been able to obtain better deals for our clients. We will negotiate on your behalf for the best terms and incentives. We are often able to gain access to the best unreleased premium units for our clients too (not every unit is marketed simultaneously). It depends a lot on the temperature of the market and the uniqueness of that particular unit. Contact us with your questions. We will answer them. You are invited to book a complimentary new development buyer’s consultation. We want to be on your real estate team.

Luxurious 11 Hoyt Street in Downtown Brooklyn has over 29,000 square feet of outstanding building amenities.

Is it worth that price?

Consider how this fits— you are buying the one time right to be the first person to live in a brand new luxury home. It will come with a modern aesthetic, a high level of craftsmanship, the latest technologies, home security features, more energy efficient systems for temperature control, and top-of-the-line appliances. Many will feature fine cabinets and other millwork, custom lighting fixtures, with gorgeous stone and tile finishes. Everything is negotiable, but ground-up new condos do attain premium prices. Construction in NYC is expensive, and you’ll often find them being built in already pricey locations, or along the edges of them. These tend to be neighborhoods that developers bet will have strong demand for new premium product.

Is buying one of the priciest new homes in the neighborhood the right fit for you? Our experience is that for buyers, new developments will often hold their value and appreciate quicker than existing homes. You’ll get the original appliance warranties, and New York statutory law protects buyers of new construction by recognizing a “Housing Merchant Implied Warranty” which compels developers to assure against defects for one year from the purchase; most mechanical systems are covered for two years, and major structural defects for six years.

On-time delivery?

If you’re moving into a new building, we counsel our customers to be patient and flexible. There might be construction delays, supply chain issues, a backlogged NYC Department of Buildings (DOB), or other speedbumps. These are not uncommon and even to be expected within reason, but your move-in date can’t really be firmed up until a Certificate of Occupancy for your apartment clears with the DOB. Negotiating an opt-out clause if your apartment isn’t ready for move-in within an extended period of time (an outside delivery date) may offer you some protection if the sponsor does not perform as promised; but be prepared for a somewhat soft target date. Before your closing, we will walk through the property with you and note any minor details which may need to be addressed. It should it should be delivered perfectly, with no chips, dents, squeaks, or dings. The sponsor will generally be allowed to correct issues within 30 days after closing.

Owner occupied?

Because of the historic strength of NYC real estate, new condos are popular investment assets too. The ability to buy a condo and lease out the apartment at the high end of market rents, is attractive to an investor seeking a portfolio diversified with real estate. As smaller real estate investment assets, NYC condos are considered by many as relatively safe. As a professionally managed property, it is easier for a non-resident landlord to operate it, as opposed to the maintenance and upkeep of an entire building.

As you get focused on a particular new development, you’ll want to understand if many units in the building have been bought-up by investors who then likely rent them out. With a more transient profile a building can feel less intimate. Banks are also more cautious about lending in buildings with low owner occupancy, as underwriters see investors as riskier. That can mean higher interest rates, and more limited mortgage options.

Higher closing costs?

Building sponsors will often ask for you to pay for things as a buyer, which a resale owner would traditionally pay for when they sell an apartment. These usually include the property transfer taxes and sponsor’s legal and bank fees; and are out-of-pocket, not rolled up into the mortgage. New York State and City Property Transfer Taxes are a hefty $18,250 out of pocket for every $1 million of sale price up to $3 million, tack on another quarter point on sales above that. You will be asked to contribute into the building’s ‘working capital fund’. Contract deposits scheduled above the standard 10% escrow are not uncommon; as are paying for the seller’s and his bank’s attorneys. We negotiate these complex closing requirements, and shift who pays for what, to deliver in your favor as much as possible. The temperature of the market will color a sponsor’s tolerance for discounts and incentives. Peter’s job is to be like a thermometer—reading the market’s heat, the local inventory, and how unique features of a particular unit like a wrap-terrace or multiple exposures will affect price. We have the guidance to structure deals that work for you.

Your representation matters

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Get an instant home value estimate, and subscribe for monthly reports which track your home’s equity in real time. This is a data driven Automated Valuation Model (AVM) . Think the AVM is off? Let us know, and we’ll help fine tune it. Thinking about selling? Request an onsite visit for a pinpoint accurate Comparative Market Analysis (CMA). It’s a free consultation. Learn more about the importance of proper pricing ▸