ARROW - 53. Chapter 53

Doing all 5he work on the flats, fire suppression system is gonna cost alot of money. Is Armand in for a shock when he checks his bank balance.

Surprised Thomas wasn't there, might be to early in the day.

Armand is carefully going over what to do to  make usable and safe the apartments above and the gallery. He is going to need more information. Like Chris191070, I bet Armand is going to find out that his ideas are going to be very expensive. Updating electrical and plumbing systems and other items in an old building is very costly

. The expected rent may not be enough to give a good return on the investment to upgrade the building. He may have to reconsider the scope of his project.  At least, he will need to make the gallery safe with a fire protection and burglar alarm system,

I think that the insurance will be worth it , I hope he is sitting down when he checks his bank account, I think he is going to be very,very surprised , pity no Thomas in this chapter 

Given the location to Yale University, Arrow will find that the cost for the work to the apartments will pay off in the long run. If he is going to take the steps to protect the paintings in the Gallery, then by doing so the foundation for the additional work needed will be in place.

To me it would be shortsighted not to do the rest of the building. After all...selling another painting or two, three or four would more than cover the costs!!

This chapter was educational as well as entertaining. I wouldn't know this or sure one way or another but I bet its unusual for there to be apartments above a galleria.I assume since one hasn't been mentioned there is no elevator since would be Armand is updating would he also be required to install one?

Armand still does not understand the value people place on his artwork.  He just thinks of it as something he does that he enjoys and he sells a piece here and there.  He has no idea how much they sell for.  Just one sold for $50,000 and that was before he was known! Although I don’t have any real idea, because it’s not really discussed in the storyline, I think Armand is actually a multimillionaire.  His eyes are going to pop when he checks his account!

As to whether the apartments are worth the kind of repairs being discussed, that’s the question of the day.  We just went through that with the house hubby grew up in.  We had to take it down to the studs and replace every pipe and wire, they were that old. There was lead everywhere, as well as asbestos. However, now we have a 3 bed/1.5 bath house that we can rent out.  Nice extra income for us.

Really missed Thomas in Gallery with Mary. At school?

Everyone so far has pointed out the work that needs to be done on Arrow Gallery building and how shocked Armand and Colin will be at the cost. However, some more factors have to be considered.

What we know (or can surmise) is their 4-story (don't forget basement) 'walk-up' is within walking distance to Yale. This makes it early to mid-century construction, especially as there is no exterior fire escape. (which would have been mandated retro-fit even for 'historic designated' buildings). 

Many such older buildings in New Haven area not 'constricted' with 'Historical' designation by being in 'The Nine Squares', retrofitted with a 16 x 20ft  'rear bump-out' that incorporates a center elevator and shorter flights of stairs surrounding it (à la Big Bang Theory) that also gives space for exterior fire escape. Doing the RBO (Rear Bump-Out) extension allowed them to regain the 10x16 ft hole where side staircases were, thereby enlarging apartments. That is cheaper than a new building costing Millions.  BTW 'on campus' Room & Board at Yale averages $12,000 for 9 months! Renting apartment year round is cheaper, they save on meals and laundry.

Upgrading current building with water sprinklers for apartments and hallways, waterproofing Gallery with 'fire suppression' and fire escape will extend 'life' of building for decades (of potential $100,000 added annual income). All arrows point to $ future.

Reading this chapter reminded me of the 1986 Steven Spielberg movie 'The Money Pit' with Tom Hanks, Shelley Long, and Alexander Godunov. Before you know it, the front door is falling out, ceiling falling in, closet falling down, and bathtub going through the floor. I think a fire suppression system might be the least of Armand and Colin's worries! 🤣

On 7/11/2022 at 10:28 AM, drsawzall said:

Given the location to Yale University, Arrow will find that the cost for the work to the apartments will pay off in the long run. If he is going to take the steps to protect the paintings in the Gallery, then by doing so the foundation for the additional work needed will be in place.

To me it would be shortsighted not to do the rest of the building. After all...selling another painting or two, three or four would more than cover the costs!!

I think Armand agrees with you. So he will proceeded to bring the apartments up to code.

On 7/11/2022 at 11:58 AM, Clancy59 said:

Armand still does not understand the value people place on his artwork.  He just thinks of it as something he does that he enjoys and he sells a piece here and there.  He has no idea how much they sell for.  Just one sold for $50,000 and that was before he was known! Although I don’t have any real idea, because it’s not really discussed in the storyline, I think Armand is actually a multimillionaire.  His eyes are going to pop when he checks his account!

As to whether the apartments are worth the kind of repairs being discussed, that’s the question of the day.  We just went through that with the house hubby grew up in.  We had to take it down to the studs and replace every pipe and wire, they were that old. There was lead everywhere, as well as asbestos. However, now we have a 3 bed/1.5 bath house that we can rent out.  Nice extra income for us.

Armand has the contractors doing just that. He has converted from gas to electric for that reason. He'll do anything to protect his paintings. Bringing in the fire department as part of the retrofit, was a good idea. They can look at what is being done and make suggestions.

On 7/11/2022 at 1:56 PM, Anton_Cloche said:

Really missed Thomas in Gallery with Mary. At school?

Everyone so far has pointed out the work that needs to be done on Arrow Gallery building and how shocked Armand and Colin will be at the cost. However, some more factors have to be considered.

What we know (or can surmise) is their 4-story (don't forget basement) 'walk-up' is within walking distance to Yale. This makes it early to mid-century construction, especially as there is no exterior fire escape. (which would have been mandated retro-fit even for 'historic designated' buildings). 

Many such older buildings in New Haven area not 'constricted' with 'Historical' designation by being in 'The Nine Squares', retrofitted with a 16 x 20ft  'rear bump-out' that incorporates a center elevator and shorter flights of stairs surrounding it (à la Big Bang Theory) that also gives space for exterior fire escape. Doing the RBO (Rear Bump-Out) extension allowed them to regain the 10x16 ft hole where side staircases were, thereby enlarging apartments. That is cheaper than a new building costing Millions.  BTW 'on campus' Room & Board at Yale averages $12,000 for 9 months! Renting apartment year round is cheaper, they save on meals and laundry.

Upgrading current building with water sprinklers for apartments and hallways, waterproofing Gallery with 'fire suppression' and fire escape will extend 'life' of building for decades (of potential $100,000 added annual income). All arrows point to $ future.

 

I don't believe that the building would qualify for any historical designation. Armand is very careful about ensuring that the apartments won't present a problem to his gallery. Apartments on the second and third floor shouldn't be a problem for students. They can handle the steps but the fire escape will definitely be needed. 

I don't think Armand would charge more than 12,000 per year. That would be a saving for the students over the year. They could afford to take summer school and still live close to the school. They also can work at the club in exchange for a lower rental.

I appreciate the comments that you all add at the end of a chapter. It's an excellent incentive for me to continue writing . And before you start to wonder, those comments that appear to be negative are important as well. We are never to old to learn.