Allocating (and freeing) objects with the use of new is far more expensive than if they are allocated in-place so its use should be restricted to where necessary. A second example of when to allocate via new is for arrays. You cannot* change the size of an in-place or stack array at run-time so where you need an array of undetermined size it must be allocated via new. E.g.
new() describes a constructor signature in typescript. What that means is that it describes the shape of the constructor. For instance take {new(): T; }. You are right it is a type. It is the type of a class whose constructor takes in no arguments. Consider the following examples
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