$17.7M Interior Package Filed for 140,000 Sq Ft at 345 Hudson

An interior buildout for office space covering 140,000 sq ft, at a declared cost of $17,688,264, was filed at 345 Hudson Street on September 11. It was filed as a professional certification and is at QA review. Stephen Furnstahl is the applicant of record.

Why it matters

A tenant fit-out of this size is a leasing event that reaches the public record before it reaches a press release, and it is one of the few forward indicators in Manhattan office that cannot be spun. Nobody spends $17.7 million building out 140,000 sq ft speculatively. For a general contractor or an interiors subcontractor, this is a live package of a size that appears a handful of times a quarter in Hudson Square. For an owner or broker marking the submarket, it is evidence of a large commitment on a prewar loft floorplate, in a building and a district that spent the last three years being written about as conversion candidates rather than office wins.

The numbers

The cost works out to $126.34 per square foot of fit-out, which is a full build rather than a refresh. Against the building itself, city land records put 345 Hudson Street at 797,477 sq ft of floor area on a 49,755 sq ft lot, 17 stories, built in 1931 and zoned M1-6. The 140,000 sq ft in this filing is 17.6% of the building.

Two details are worth holding lightly. The filing names no tenant, which is ordinary rather than evasive, since the Buildings Department form carries the owner and applicant, not the occupant. And the professional certification route means the job can be permitted on the applicant’s sign-off subject to audit, which is how a tenant with a delivery date avoids the plan examiner queue. Read together they say speed mattered more than disclosure.

What’s next

Watch for the permit to issue and for a lease announcement to follow it rather than precede it, which is the usual order. Watch also for further filings on adjacent floors in the same building, the pattern that distinguishes one large tenant from a floor-by-floor lease-up. For the rest of the week in New York filings, see our $73.8M count of school construction work and the New York market.