38 Financial District New Construction

Brand-new apartments with modern finishes and tax abatements in Financial District, Manhattan

New Construction for Sale in NYC

New construction encompasses boutique four-unit conversions in Bushwick to supertall towers along Billionaires' Row. What these properties share is a fresh offering plan, newly issued COs, and sponsor-controlled sales processes that operate very differently from the resale market. In my 25+ years advising buyers, I have seen new construction transactions fall apart due to offering plan issues, construction delays, and undisclosed common charge projections. Start with our new development listings, review Hudson Yards market data, and read our condo offering plan guide.

What is an offering plan and why is it critical?

The offering plan is the legal disclosure document accepted by the NY State Attorney General's office governing every new condo sale. It contains floor plans, common charge projections, building rules, and sponsor obligations. Buyers have a statutory three-day rescission right. Your attorney must review it in full before you sign.

What about tax abatements on new construction?

The 421-a tax abatement program expired in June 2022 and its replacement (Affordable Neighborhoods for New Yorkers) was under legislative discussion as of early 2026. Verify the tax abatement status of any specific building in the offering plan and confirm projected property tax figures with your attorney.

What warranty coverage comes with new construction?

Under NY General Business Law Section 777-a: one-year warranty on workmanship, two-year on mechanical/electrical/plumbing/HVAC, and six-year on structural defects. Warranties run from the date of the first closing in the building, not your individual purchase date.

Buying Tip from Milton Coste

The common charge projection in the offering plan is almost always low. In my experience, actual common charges stabilize at 15 to 30 percent above the offering plan projection once staffing, energy, and maintenance costs are fully established. Ask the sponsor's sales team for the most recent amended schedule and budget the difference.