This is the 124th most frequent Japanese word.
新
"New."
新しい here is used as the adjective 'new' to describe the noun 'book'.
新しい本を買いました。
I bought a new book.
新年 combines 新 (new) with 年 (year), forming a compound noun meaning 'New Year'.
新年を祝う準備をしています。
I am preparing to celebrate the New Year.
新しい serves as an attribute to the noun 'buildings,' emphasizing the recent construction.