This is the 646th most frequent Russian word.
новым
"Новым" means "new" in the instrumental or dative case (singular, masculine or neuter) in Russian.
In this sentence, 'новым' is in the instrumental case modifying the noun 'другом' (friend), conveying the meaning 'new friend' in the context of an introduction.
Я рад познакомиться с новым другом.
I am glad to meet a new friend.
Here, 'новым' is in the instrumental case matching 'автомобилем' (car), used to describe the condition or quality of 'автомобилем', indicating the car is new.
Он любуется новым автомобилем.
He admires the new car.
In this example, 'новым' agrees in case and gender with 'конструктором' (construction set), showing possession and describing its novelty.