I have heard both, but not side by side so please take with a hint of salt.
The midrange of the SE535 is so smooth and forward, almost liquid like, and the bass response is very good being slightly fuller than neutral. But they lack air and extension in the treble.
The New Primacy are cleaner, the mids are not as forward, but the sound is more reference and balanced with more detail and sparkle up top.
They are both very different so it really depends on personal preference over one being better than the other. Both are extremely comfortable too.