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When New York painter and sculptor Will Cotton and his girlfriend, art researcher Rose Dergan, bought a 3,200-square-foot Tribeca loft in 2010, they spent about $150,000 on renovations. They ripped out bedroom walls and tore off drywall to expose steel and wood ceiling beams. Then they devoted a chunk of the budget to installing a commercial grade vent fan on a chimney, to suck out fumes caused by oil paint, turpentine and varnishes.
“I wanted to empty it out and make it pretty much as it had been in the 19th century,”…