New Developments for Sale in Manhattan, NY

The listings on this page cluster differently from the coverage. By live count the Upper West Side, East Midtown and the Financial District carry the most new-development and sponsor inventory in Manhattan, ahead of Hell's Kitchen, Midtown, Lincoln Square and Hudson Yards. Chelsea, Lenox Hill, Turtle Bay, Kips Bay and Gramercy Park each hold a meaningful block of it.

Billionaires' Row accounts for a large share of the borough's new-development dollar volume and a small share of its listings. If your budget is under $3 million, the Upper West Side, the Financial District and Kips Bay are where the choice is, not 57th Street.

Two different things share this page. A new development is a building being sold for the first time under an offering plan, usually just before or just after completion. A sponsor unit is an apartment in an existing building still held by the original developer or converter and never previously sold. Both are bought from a sponsor rather than an individual owner, which is why they sit together: an offering plan instead of a seller's disclosure, no board approval in a condo, and closing costs that work differently from a resale.

Almost all of it is condominium. New buildings in New York City are structured as condominiums rather than co-operatives, because a sponsor selling shares in a brand-new corporation would have to hand every buyer a board to satisfy. The exception worth knowing is a sponsor unit in an older co-op, which usually escapes both the board approval and the financing minimum that would otherwise apply.

Explore new construction in Brooklyn and Queens, or the whole Manhattan condo market.

• One High Line, a 2022 new-construction condominium in Chelsea, beside the High Line.
• The Village West, a 2025 condominium in Greenwich Village.
• VITA, a 2025 condominium in Hudson Yards.
• 50 West 66th Street, a 2024 condominium in Lincoln Square on the Upper West Side.
• The Greenwich by Rafael Viñoly, a 2024 condominium in the Financial District.
• 1122 Madison Avenue, a 2026 condominium on the Upper East Side.

A new-development or sponsor unit is bought directly from the building's developer under its offering plan, and sponsor units typically do not require board approval. Closing costs differ from resale: buyers customarily pay the sponsor's New York State and New York City transfer taxes, plus the sponsor's attorney fee and the New York State mansion tax on purchases of $1 million and up. The transfer taxes alone add roughly 1.4 to 2.1 percent of the price, depending on where the purchase falls in the bands.

Those terms sit in the offering plan and they are negotiable. On a unit that has been sitting, they are often the part of the deal a sponsor will move on before the asking price, so ask for them to be assumed before you negotiate the number down. Estimate a specific purchase with our new-development closing-cost calculator and mansion-tax calculator.

What are some new developments in Manhattan?

Buildings with current availability include 50 West 66th Street on the Upper West Side, One High Line in Chelsea, VITA in Hudson Yards, The Greenwich by Rafael Viñoly in the Financial District, The Village West in Greenwich Village and 1122 Madison Avenue on the Upper East Side. The grid above is the live list of every Manhattan sponsor and new-construction residence we carry, so it moves as units sell and new lines release.

Where is Billionaires' Row in Manhattan?

Billionaires' Row is the run of supertall towers along West 57th Street and its side streets between Columbus Circle and Park Avenue, including Central Park Tower and 53W53. It is a small share of the borough's new-development inventory rather than the center of it: most listed new construction in Manhattan sits well away from 57th Street.

How much do new-construction condos cost in Manhattan?

The median asking price across the 707 Manhattan new-development and sponsor residences on this page is $2.5M, or $2,060 per square foot. The range is wide. Studio and one-bedroom sponsor units trade under $1 million, while full-floor and penthouse product on 57th Street and the Upper West Side asks well into eight figures, so the median moves with whatever is on the market that week.

Which Manhattan neighborhoods have the most new construction?

By live listing count the deepest inventory is on the Upper West Side, in East Midtown and in the Financial District, followed by Hell's Kitchen, Midtown, Lincoln Square and Hudson Yards. Chelsea, Lenox Hill, Turtle Bay and Kips Bay each carry meaningful sponsor inventory as well. That ordering surprises people who follow the market through coverage of Hudson Yards and Billionaires' Row.

Do Manhattan new-development sponsors negotiate on price?

Less on the number than on everything around it. A recorded discount resets the benchmark for every unit still unsold in the offering plan, so a sponsor will usually protect the asking price and give ground elsewhere: assuming the transfer taxes it would otherwise pass to you, crediting common charges for a year or two, or funding a design allowance. Ask which of those is available before you make an offer on price.

What is a sponsor unit?

A sponsor unit is bought from the developer or the original converter of the building under its offering plan, not from a previous resident. It has never been lived in or never been sold, so there is no seller's disclosure history, the offering plan is the contract, and in a condo or a co-op the purchase usually skips board approval.

What are the closing costs on a Manhattan new-development condo?

New-development buyers customarily pay costs a resale buyer does not. The New York State transfer tax of 0.4 percent, rising to 0.65 percent at $3 million and above, and the New York City transfer tax of 1 percent, rising to 1.425 percent above $500,000, are the seller's by statute but passed to the buyer in most offering plans, and the sponsor's attorney fee sits on top. The New York State mansion tax starts at $1 million and rises in bands. Our new-development closing-cost calculator and mansion-tax calculator price a specific purchase.

Is there a Buyer Commission Share on a Manhattan new development?

Where the sponsor offers a buyer-side commission, we share part of it with you as a Buyer Commission Share, shown on each listing as your Estimated Buyer Savings and applied at closing. Register with us before you tour or contact a sales office. Most sponsors will not recognize a buyer's agent introduced after the first visit, and the share depends on that registration.