diff --git a/tsc/internal/printer/printer.go b/tsc/internal/printer/printer.go
index 46bb47c25ebad..d2a212e7fd698 100644
--- a/tsc/internal/printer/printer.go
+++ b/tsc/internal/printer/printer.go
@@ -2593,8 +2593,13 @@ func (p *Printer) emitNewExpression(node *ast.NewExpression) {
 	state := p.enterNode(node.AsNode())
 	p.emitToken(ast.KindNewKeyword, node.Pos(), WriteKindKeyword, node.AsNode())
 	p.writeSpace()
-	if ast.SkipPartiallyEmittedExpressions(node.Expression).Kind == ast.KindCallExpression {
-		// Parenthesize `C()` inside of a NewExpression so it is treated as `new (C())` and not `new C()`
+	// Parenthesize when the expression contains a CallExpression that would otherwise
+	// bind to `new`. `new C()` is fine, but `new C().D()` parses as `(new C()).D()`, so
+	// `new (C().D)()` needs parentheses around the whole expression — including after
+	// type assertions / satisfies / non-null are erased (e.g. `new (f() as T).C()`).
+	// See https://github.com/microsoft/TypeScript/issues/64981 and
+	// https://github.com/microsoft/TypeScript/pull/65015.
+	if newExpressionOperandNeedsParens(node.Expression) {
 		p.emitExpression(node.Expression, ast.OperatorPrecedenceParentheses)
 	} else {
 		p.emitExpression(node.Expression, ast.OperatorPrecedenceMember)
@@ -2604,6 +2609,34 @@ func (p *Printer) emitNewExpression(node *ast.NewExpression) {
 	p.exitNode(node.AsNode(), state)
 }
 
+// newExpressionOperandNeedsParens reports whether the operand of `new` must be
+// parenthesized so a CallExpression is not parsed as the NewExpression callee.
+//
+// Parentheses are walked here only — not in ast.GetLeftmostExpression — so that
+// emitConciseBody can still treat an already-parenthesized object literal
+// `({ ... })` as parenthesized and avoid emitting a second pair.
+func newExpressionOperandNeedsParens(expression *ast.Expression) bool {
+	node := ast.SkipPartiallyEmittedExpressions(expression)
+	for {
+		node = ast.SkipPartiallyEmittedExpressions(node)
+		switch node.Kind {
+		case ast.KindCallExpression:
+			return true
+		case ast.KindParenthesizedExpression,
+			ast.KindPropertyAccessExpression,
+			ast.KindElementAccessExpression,
+			ast.KindNonNullExpression,
+			ast.KindAsExpression,
+			ast.KindSatisfiesExpression,
+			ast.KindPartiallyEmittedExpression:
+			node = node.Expression()
+			continue
+		default:
+			return false
+		}
+	}
+}
+
 func (p *Printer) emitTemplateLiteral(node *ast.TemplateLiteral) {
 	switch node.Kind {
 	case ast.KindNoSubstitutionTemplateLiteral:
diff --git a/tsc/internal/printer/printer_test.go b/tsc/internal/printer/printer_test.go
index 867ef150d491c..5cc660b315103 100644
--- a/tsc/internal/printer/printer_test.go
+++ b/tsc/internal/printer/printer_test.go
@@ -1047,6 +1047,40 @@ func TestParenthesizeNew3(t *testing.T) {
 	emittestutil.CheckEmit(t, nil, file.AsSourceFile(), "new C((a, b));")
 }
 
+func TestParenthesizeNew4(t *testing.T) {
+	t.Parallel()
+
+	// new (C().D)() — CallExpression is not the direct expression of `new`, but
+	// appears on the left of a property access. Without parentheses this would
+	// parse as (new C()).D().
+	var factory ast.NodeFactory
+	file := factory.NewSourceFile(ast.SourceFileParseOptions{FileName: "/file.ts", PathKey: "/file.ts"}, "", factory.NewNodeList(
+		[]*ast.Node{
+			factory.NewExpressionStatement(
+				factory.NewNewExpression(
+					factory.NewPropertyAccessExpression(
+						factory.NewCallExpression(
+							factory.NewIdentifier("C"),
+							nil, /*questionDotToken*/
+							nil, /*typeArguments*/
+							factory.NewNodeList([]*ast.Node{}),
+							ast.NodeFlagsNone,
+						),
+						nil, /*questionDotToken*/
+						factory.NewIdentifier("D"),
+						ast.NodeFlagsNone,
+					),
+					nil, /*typeArguments*/
+					factory.NewNodeList([]*ast.Node{}),
+				),
+			),
+		},
+	), factory.NewToken(ast.KindEndOfFile))
+
+	parsetestutil.MarkSyntheticRecursive(file)
+	emittestutil.CheckEmit(t, nil, file.AsSourceFile(), "new (C().D)();")
+}
+
 func TestParenthesizeTaggedTemplate1(t *testing.T) {
 	t.Parallel()
 
diff --git a/tsc/internal/transformers/tstransforms/typeeraser_test.go b/tsc/internal/transformers/tstransforms/typeeraser_test.go
index 56d8fce25a804..7e9b97f6e4bea 100644
--- a/tsc/internal/transformers/tstransforms/typeeraser_test.go
+++ b/tsc/internal/transformers/tstransforms/typeeraser_test.go
@@ -58,6 +58,15 @@ func TestTypeEraser(t *testing.T) {
 		{title: "CallExpression", input: "f<T>()", output: "f();"},
 		{title: "NewExpression1", input: "new f<T>()", output: "new f();"},
 		{title: "NewExpression2", input: "new f<T>", output: "new f;"},
+		// After erasing `as T`, parentheses around the call must be restored so
+		// `new (f().C)()` is not emitted as `new f().C()` (== `(new f()).C()`).
+		// See https://github.com/microsoft/TypeScript/issues/64981.
+		{title: "NewExpression3", input: "new (f() as T).C()", output: "new (f().C)();"},
+		{title: "NewExpression4", input: "new (f() as T).C", output: "new (f().C);"},
+		{title: "NewExpression5", input: "new (f() satisfies T).C()", output: "new (f().C)();"},
+		// Non-null doesn't elide the original parentheses the way `as`/`satisfies` do,
+		// so the call keeps its own grouping: `new ((f()).C)()`.
+		{title: "NewExpression6", input: "new (f()!).C()", output: "new ((f()).C)();"},
 		{title: "TaggedTemplateExpression", input: "f<T>``", output: "f ``;"},
 		{title: "NonNullExpression", input: "x!", output: "x;"},
 		{title: "TypeAssertionExpression#1", input: "<T>x", output: "x;"},