How new construction compares to resale in NYC's 2026 market, the numbers and the tradeoffs
A new-development condo costs a NYC buyer about 6% of the price to close, roughly $60,000 on $1 million, against about 4% on a resale condo. The gap comes from sponsor-shifted transfer taxes and building fund contributions that sit inside the offering plan. In my 25+ years selling NYC real estate, I read that fine print first.
Every amenity is paid for through common charges, so weigh each against how often you will use it.
Rooftop gardens, shared terraces and courtyards stand in for private outdoor space. Co-working rooms and event spaces add value only if the building keeps them staffed and bookable. The table pairs five neighborhoods with new construction with the subway lines that serve them.
| Neighborhood | Subway lines | What the new buildings offer |
|---|---|---|
| Hudson Yards | 7 | Luxury apartments next to Hudson River Park, shopping and cultural venues |
| Long Island City | E, M, 7 | Manhattan skyline views, mixed residential and commercial buildings |
| Williamsburg | L | Waterfront towers with shared outdoor space |
| Harlem | A, B, C, D, 2, 3 | Condos and townhouses near the Apollo Theater and the Schomburg Center |
| Mott Haven, Bronx | 6, 4 | Newer residential buildings at lower price points than Manhattan |
Some developers cover part of the closing costs. New-development closings run 6% or more, with the sponsor attorney fee, working capital fund and reserve fund contribution on top of the usual taxes and fees.
Many new buildings carry a 421-a abatement, which lowers the building's property tax for a set period. The state has since moved the completion deadline from June 2026 to June 2031, preserving about 33,000 approved units. Its replacement, 485-x, has so far produced few new starts because of its affordability and wage requirements. Ask which program the building uses and how long it runs.
Early buyers may get free upgrades or a choice of finishes, and some developers partner with lenders on rate or down payment. Compare any such offer with an outside quote from the pre-approval process before accepting it.
Sponsor-contract closing costs are itemized in our closing costs breakdown.
| Property type | Typical closing cost | On a $1M purchase |
|---|---|---|
| Co-op | About 2% | $20,000 to $30,000 |
| Resale condo | About 4% | $38,000 to $42,000 |
| New development | 6% or more | $60,000 and up |
On resales the seller pays NYC and New York State transfer taxes. Sponsor contracts often shift them to the buyer, about $18,250 on a $1 million purchase. Confirm the abatement term, the common charges and any special assessments, and run the purchase through our condo due diligence checklist.
Brand-new developments with modern amenities: just listed
455 KEAP Street #TH1
Williamsburg
15 HUDSON YARDS #78B
Hudson Yards
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Content published: February 2026 · Milton Coste · Keller Williams NYC · License No. 10301213304
Brand-new developments with modern amenities: just listed
717 Grand Street #303
Williamsburg
30-55 Vernon Boulevard #2A
Long Island City
30-55 Vernon Boulevard #6J
Long Island City
Listing information provided courtesy of the Real Estate Board of New York's Residential Listing Service (RLS). Information is deemed reliable but not guaranteed. Sale listings verified. ©2026 REBNY. RLS data displayed by Keller Williams NYC.
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Licensed Real Estate Associate Broker · Keller Williams NYC
License No. 10301213304 · 360 Madison Avenue, 9th Floor, New York, NY 10017
