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New Creates a new partition of a user-specified size in the selected area of unallocated space.

Note

It is my understanding, that in the instance of a new server install, with a single unallocated space, you do not have to press the "New" button, if you planned to create a partition utilizing the whole space. You could simply press next and it would do the work of pressing new, and leaving the default size option, as its default action.