Object reference not set to an instance of an object When I create new Android App (Visual Studio)

I solved it with updated Android SDK setup (API Level 19 and 21) [3rd party] to Android SDK setup (API Level 22) [3rd party] in Visual Studio setup.

I had the same problem and when I installed Android 4.4.2(API 19) from Android SDK Manager the issue got resolved. You can open Android SDK Manager in VS2015 with Update 2 by navigating to Tools-> Android->Android SDK Manager

I figured out this... Depending on the emulators you want to use with the new project, subject to what is installed using Android AVD, you will need to download the necessary API Level.

Example. I looked up my emulators. Then I simply opened Android SDK Manager and downloaded the corresponding API Level 19

And everything worked out well