BILLIONAIRE CHANDLER INVESTS $4 MILLION FOR MOM’S NEW YORK GALLERY

Billionaire investor Richard Chandler is helping his mother’s work find exposure in Manhattan by spending up to four million dollars on a fourteen-thousand-square-foot gallery to sell her paintings. According to Lindsay Pollock of Bloomberg, Chandler considers the two-story gallery, set to open this fall, an investment, not a gift. “I have provided a loan,” he said. “I anticipate being repaid in the fullness of time.” Chandler’s mother, self-taught artist Ana Tzarev, signed a ten-year lease for the space at Twenty-four West Fifty-seventh Street, with an approximate annual rent of $2 million and renovation costs between $3.5 million and $4 million, according to a broker familiar with the project. Tzarev declined to confirm the rent or construction estimate. Tzarev’s name will be on the facade of the building, joining other prestigious galleries on the street, including Marian Goodman and Ameringer & Yohe Fine Art.