New development is our specialty, and buying it is a different animal from buying a resale. Here's what we walk every buyer through.
1. The offering plan is your rulebook
Every new condo files an offering plan with the New York Attorney General. It covers the building's budget, what's included in your home and the sponsor's obligations. Your attorney will read it closely; you should at least read the budget and the amendments.
2. Ask about incentives, even if none are advertised
Sponsors often have room: closing-cost credits, paid common charges, upgrades, or storage and parking included. With inventory rising, it's worth asking.
3. Budget for sponsor closing costs
In NYC new development, buyers often pay costs a resale buyer wouldn't, such as transfer taxes that are typically the seller's in a resale, and the sponsor's attorney fees. Know your number before you sign.
4. Timing matters
Buying before completion can mean better pricing and first pick of layouts, but you're committing to a building you can't fully walk yet. Buying after completion means you see exactly what you get.
5. Look at the first-year budget, then look again
New buildings sometimes launch with optimistic common charges. Compare against similar buildings a few years in.
6. Use a buyer's agent who knows new development
In most new development sales the sponsor pays the buyer's agent commission, so you get your own advocate without adding to your costs.
See what's launching in our New Development Tracker, browse our building guides, or get in touch with questions about a specific building.