Pace Gallery today revealed a new project space in New York. Gallery 125 Newbury will be helmed by Pace founder and chairman Arne Glimcher. Situated on the corner of Broadway and Walker Street in the TriBeCa neighborhood, the space is named for the address of Pace’s inaugural gallery, founded in Boston in 1960. The gallery is expected to open this fall.Gallery 125 Newbury will operate in association with Pace, which is led by Glimcher’s son Marc Glimcher, who since 2011 has been the gallery’s president and CEO. Under the guidance of the senior Glimcher, who at eighty-three has six decades of experience as a dealer and exhibition organizer, the space will host cutting-edge art from around the world and will embrace a flexible format rather than the traditional gallery model.“When I started the Pace Gallery sixty years ago, it was a tiny little place on Newbury Street in Boston,” said the elder Glimcher in a statement. “Gallery 125 Newbury is about expanding my own story at the same time, about going full circle, back to the little gallery I once had, back to being hands-on in every facet of making shows and working with artists and connecting with the public, which is the part of it that I really love.”Of note to New York locals, the new gallery will occupy the digs that once housed Pearl River Mart, a stalwart Chinatown department store that reopened there after being forced out of no fewer than five different homes as downtown rents rose and the area gentrified. The beloved retailer of chopsticks and cheongsams moved out of the space last spring as the Covid-19 crisis ground on. Pace has said it will renovate the 3,900-square-foot space, which boasts seventeen-foot ceilings. Architects Enrico Bonetti and Dominic Kozerski, of the firm Bonetti/Kozerski, which designed Pace’s eight-story Chelsea gallery, will oversee the restoration and are said to be retaining the original ceilings.Pace has had a strong pandemic, having lured Jeff Koons from Gagosian and Zwirner and welcomed Robert Longo following the closure of the much-mourned Metro Pictures. The gallery announced a London expansion in 2020, which some speculated was an attempt to distract from employee allegations of workplace abuse. Like many other global galleries, Pace recently responded to the heated Asian art market, increasing its presence in Seoul earlier this year.