I´m running a linux android sdk installation and my new project needs Build tools 21.1.1
Somehow, this build tools do not exist, eventhough my sdk is up to date, but
In the error window where it displayes message as failed to find build tools versions, it also gives the link to install the tools version. You can update using that.
If the above option is not available then another way is: Open the sdk tools tab from sdk manager in android studio. Click on 'Launch StandAlone SDK Manager'. In the new widnow, you will be able to see all the revisions of build tools, api levels, system images. From there you can can select the tools revision which are missing and install.