Is There Still a New Condo Under $1 Million in New York City? We Checked All Five Boroughs.

NEW YORK CITY · NEW CONSTRUCTION

By Stephanie McNeil, Licensed Real Estate Broker and Co-founder, Phases & Spaces Real Estate LLC
NY License #10491213095
Last updated: October 29, 2026

At a Glance

Yes, but not everywhere. In Queens, new one-bedrooms start at $680,325 in Flushing and new studios at $765,000 in Long Island City. In Downtown Brooklyn, The Bowen opened sales this year from $800,000. In Manhattan, new development averaged about $2,070 a square foot in the third quarter, which puts even a 500-square-foot home above $1 million. The Bronx offers a different path: income-restricted co-ops like Stevenson Square, averaging about $204,000. Staten Island has the lowest open-market prices of the five: new two-bedroom condos in Great Kills are listed at $599,000.

Ask a first-time buyer what they want and you hear the same list: something new, near a train, under a million. That last line is where the search gets narrow.

Here is what each borough offers this fall.

Where does $1 million still buy something new?

Get the current list of new condos for sale under your budget.

Queens: still the deepest bench under $1 million

Flushing's Northern Center lists one-bedrooms from $680,325 for 537 square feet, with about $855 a month in common charges and taxes. At Paragon on the Long Island City waterfront, studios start at $765,000 and one-bedrooms at $965,000. Both are new, both are near the 7 train, and both come in under the $1 million line where New York's mansion tax begins.

Brooklyn: possible, but tight

The Bowen, a 71-unit condominium at 289 Schermerhorn Street, launched sales in March with prices from $800,000. A 595-square-foot one-bedroom was listed at $995,000 in April, just under the line. Downtown Brooklyn's supertall, Brooklyn Tower, relaunched in June 2025 with studios listed from $965,000 and one-bedrooms from $1,385,000 at the time. In Brooklyn, a new one-bedroom under $1 million is the exception, not the rule.

Manhattan: the math works against small units

Manhattan new development averaged about $2,070 a square foot in the third quarter, according to Brown Harris Stevens Development Marketing figures reported in October. At that average, a 500-square-foot apartment costs about $1.04 million before closing costs. Contracts fell to 240 in the quarter from 331 a year earlier, and the roughly 3,000 new units on the market are about 30% below the ten-year average. Entry-level new construction exists in Manhattan, but it is scarce and it moves.

The Bronx: a different kind of first home

In Soundview, Stevenson Square's first phase added 58 cooperative homes that the state says averaged about $204,000, for households earning up to 80% of Area Median Income. These are income-restricted homes with their own application rules and resale limits, not open-market condos. If your income fits, watch the developer's announcements and NYC Housing Connect for future offerings like this one.

Staten Island: the most space for the money

In Great Kills, a new 21-unit, four-story condo building at 3865 Amboy Road is finished and move-in ready, one block from the Staten Island Railway. Local reports in July put one-bedrooms from $465,000 and two-bedrooms from $530,000 to $649,000, and two 970-square-foot two-bedrooms are listed at $599,000 this fall. In Willowbrook, a new two-bedroom duplex condo at 1239 Forest Hill Road, still under construction, is listed at $730,000 for 1,012 square feet. New condo buildings are rare on Staten Island, but the ones on the market sit well under $1 million.

Who is negotiating for you?

Every new building has a sales team, and every sales team works for its sponsor. A buyer's agent works for you under a written buyer-representation agreement and can compare buildings across boroughs, not just within one. Many sponsors offer compensation to a buyer's broker; the amount and terms vary and are negotiable, so get them in writing. Some sales offices want your agent named at the first visit, so call before you tour.

Buying new for the first time? Download the free guide, Buying a New Construction Home.

What else adds to the price?

In a New York City sponsor sale, the offering plan often shifts the seller's transfer taxes to the buyer: 1.425% to the city above $500,000 and 0.4% to the state. On a $765,000 studio that is about $13,960. Some sponsors negotiate those costs, or credit closing costs on a particular unit, especially in buildings that have been selling for a while. Nothing is promised, but ask before you assume the posted terms are final.

Frequently asked questions

Can you buy a new condo under $1 million in NYC?
Yes. As of late October 2026, new one-bedrooms start at $680,325 in Flushing and new studios at $765,000 in Long Island City. On Staten Island, new two-bedroom condos are listed at $599,000. Brooklyn has a few options near $1 million; Manhattan has very few.

What does new construction cost per square foot in Manhattan?
About $2,070 on average in the third quarter of 2026, per Brown Harris Stevens Development Marketing figures.

Are Bronx affordable co-ops open to anyone?
No. Homes like Stevenson Square are limited to households under set income limits, here up to 80% of Area Median Income, and come with resale restrictions.

My bottom line

For a first-time buyer who wants new construction and a $1 million ceiling, Queens is still the most practical place to look, with Downtown Brooklyn a close but thinner second. Staten Island gives you the most room for the money, if the commute works for you. In Manhattan, plan on resale or a bigger budget. And if your income qualifies, the Bronx's affordable co-ops are worth watching. Call me at 347-508-8111 and I'll match your budget to what is actually for sale.

Stephanie McNeil, Licensed Real Estate Broker, NY License #10491213095. Phases & Spaces Real Estate LLC, 6143 186th Street, Suite 504, Fresh Meadows, NY. Prices and availability come from public listings, sponsor materials and reports dated as noted and can change without notice. This article is general information, not legal, tax or lending advice. Equal Housing Opportunity.