Screwed by Wall Street - Part 3 - Joan Discovers She Can't Abandon Her Persona
Chapter 8 - Finding a Home for the Foundation
With coffee in safety cups, we met Tony and Gloria at Penn Station for the 8:30 to Oyster Bay. Clyde and I had decided that a limo both ways was a waste of money, and we might as well check on the Long Island Railway, since it was the major source of transportation to and from Oyster Bay.
The reverse commute got us seats in a half empty car. I tried a bleary smile on Pat, who elbowed me. "Looking good, Erica. Are we putting down a deposit this morning?"
The five of us were turned out in dressy casual. The guys were on the tough side of casual, which was fine with the women. I was sure at least one weapon was along and wondered where it was. Probably under the linen jacket Clyde wore to diminish the bodyguard look.
Pat had been her usual efficient self and there was a seven passenger van at the curb. A well dressed woman in a summer print with dark glasses and a straw hat stepped forward.
"Good morning, I am Eleanor Swift from the Adams-York agency and will be showing you around Oyster Bay. Why don't you climb in and we will get started."
Pat put me in the passenger seat and took the one right behind Eleanor, providing introductions and a brief sketch of our interest in renting an upscale property for Erica's father Maximilian's business requirements. I asked if it was possible to skip public availabilities in the rental use space for that purpose elsewhere in Oyster Bay. Eleanor, who asked us to call her Ellie, gave me a sharp look and said today might be our lucky day.
In ten minutes, we were sweeping up a gravel driveway to an impressive front in a version of Tudor style without all the exposed beams. As we climbed out, she said, "This house is going on the market in a few days. We have the selling commission. The last survivor of a 19th Century steel fortune died last fall, leaving only three grandchildren, none of whom are nearby and want to live in it."
The house had been magnificent in its day, but was looking terrible from years of neglect. We walked through rooms with tall ceilings and blank spots where art had been hanging.
Ellie explained, "The heirs wanted the art, some of which was sentimental and some of which was valuable pieces by well known artists of the day. There was a large Thomas Hill mural of Yosemite that one of the grandsons who lives in California was very happy to have."
She went on, "We have had several appraisals done, and they are all over the lot, but between ten and twenty million. Not counting at least a million to update the utilities and fire safety. And more to restore the gardens."
We were standing on a back veranda with weeds everywhere. The view was terrific. This was a house you could fall in love with, I thought.
To Ellie, I said, "Will be hard to sell. Today's buyers want a movein ready property."
She gave me another sharp look. "You are right, Ms. Erica. If you are at all attracted to the property, the heirs would be interested in a favorable arrangement."
Everyone was looking at me, so I took a deep breath and said, "A million from us in a budget to bring it to code and current appliances. If more than that, the heirs cover it. Everything in escrow until all contingencies and permit approvals are sorted and resolved. If it falls apart, a hundred thousand from us in nonrefundable earnest money. Twelve million for the property, with five million from us in cash and the rest in a private twenty year note. "
Behind me, I heard Clyde mutter, "Damn." In front of me, Ellie was trying to recover from the shock of my aggressive bid. She extended a hand. "You've been the CEO of something, haven't you?"
"I am my father's daughter and have worked with him for years. He has no patience for long winded decisions." I let a little extra accent into my words.
We turned to go and I got a poke in the back from Pat. "Nice."
After we were back in the van, Ellie asked if we needed to see other properties. "I am happy to show you more, but none have the unique character of what we just looked at."
I looked at the others and asked, "Is there a coffee shop you could drop us at, and come back in an hour?"
She smiled and said, "Yes, of course. It will be my pleasure."
The coffee place had a deck, and Pat had the waitress take us to a far corner, to a nice table under an umbrella. As everyone was sitting, she gave me a hard stare and said, "Erica, you've gone off message already. We are supposed to be looking for a rental."
Everyone was very sober until Pat and I started laughing. I stood and high fived everyone. Gloria jumped up and crushed me in a hug. "All I can say, honey, is WOW!"
I sat down and looked at Pat, "What do you think?" Our drinks arrived as she was thinking. After the waitress left, she said, "Gutsy. You are assuming we have more patient capital than they do. Which I guess we do. Twelve or fifteen million doesn't break us, especially when we only have to come up with seven in cash."
I looked at Gloria, "Here is your first piece of business to negotiate. I will tell Eleanor that you are corporate Vice President for Property Management and taking charge after today."
She interrupted, "Erica, or whatever your name is, she is going to have a cow over a young black woman representing an Austrian industrialist!"
I stared her down. "Money talks. We don't know what commission deal they have, but there is at least a million in fees in this for them. That will get her agency over any racism that is lying around."
"I have another idea. Let's write them a hundred thousand check this morning and say it is the earnest money. That is, nonrefundable once we enter escrow. Then write them another hundred thousand check and tell her they only get to cash it if we close escrow in ninety days or less, code renovations included."
Gloria sat back and reached for Tony's hand. "Oh shit. You know how to scare a girl."
Moving over to leave an empty chair next to Gloria, Pat said, "This assignment is yours, right now. Erica is only going to smile and nod from here on out. You know that famous in-the-face Gloria routine? Well, here's your chance."
I looked at Tony and Clyde, who had been very quiet. "What do you think, guys? Am I pissing away the Foundation's money?"
They looked at each other and Clyde responded, softly, "You think faster on your feet, Joan, than most guys I know. Fixed up and dressed up, we can peddle that house for more than we have in it if we want to."
In exactly an hour, Ellie walked across the deck to us and took the chair Pat pointed to. Visibly taking a deep breath, she said, "I want you to know I almost got fired a few minutes ago. I went to check signals with my boss and he tried to take the listing away from me. I told him no, and that if he tried to fire me, I would file a grievance with the real estate board."
I glanced at Pat, who nodded with the same thought I had. We needed to keep an eye on this woman. The Foundation might well need a smart feisty woman like Eleanor.
