The last we updated you on the goings on at embattled venue Brooklyn Mirage, which failed to reopen in the summer of 2025 after extensive renovations, owner Avant Gardner had filed for bankruptcy and filed a permit to demolish the venue. More recently, there are a few new updates that reveal a total reversal in fortunes for the venue. Over the past week, reports had been circulating that its demolition has been approved by the Department of Buildings and could start at any time. Brownstoner and Brooklyn Mag cited a notice from Brooklyn Community Board 1, saying that work was scheduled to start on Monday (2/2) and finish in April or May. According to Brooklyn Mag, the community board was notified about the demolition by an Avant Gardner employee on January 21, and the demolition would cost $1.5 million, along with a $1,271.40 filing fee.
Earlier this year, Brooklyn Mag reported that FIVE Holdings, the Dubai-based parent company of global nightlife brand Pacha (their NYC space in Hell’s Kitchen closed in January of 2016 after ten years) was expected to enter a deal to buy Avant Gardner and turn Brooklyn Mirage into a new Pacha New York. Since then, according to further reports from Brooklyn Mag, “A group of unsecured creditors for the Brooklyn Mirage is pulling its support for a bankruptcy agreement after it learned, in a Brooklyn Mag exclusive on January 1, that Axar Capital Management had brokered a deal ‘under the cover of darkness’ with FIVE Holdings, the parent company of nightlife brand Pacha.” You can read more at Brooklyn Mag about those messy legal details. But amidst that, today (2/3) Pacha sent out their first official announcement that the legal issues are settled and they’ll be opening in the Brooklyn Mirage space in June of 2026. Here’s their full announcement:
New York, NY, February 3, 2026: The iconic Brooklyn Mirage enters a bold new era as Pacha New York, ushering in a powerful revival of dance culture in a borough synonymous with artistic rebellion, diversity, and musical innovation. More than a venue, Pacha New York is a cultural platform where global icons, underground pioneers, and New York’s creative communities unite in celebration of music, movement, and human connection.
FIVE Holdings has entered into a long-term agreement assuming full operational management of the Brooklyn Mirage and The Great Hall complex. The partnership brings together the recapitalized Avant Gardner’s deeply rooted local legacy with Pacha’s globally celebrated expertise in building culturally defining destinations and large-scale entertainment experiences. The result is Pacha New York — the next evolution of a brand shaped by more than 50 years at the forefront of dancefloor culture worldwide.
From June through October 2026, Pacha New York ignites its first season with world-class performances that place international headliners and homegrown talent on the same stage – a true reflection of the diverse soundscape shaping modern electronic music. Expect the world’s most sought-after electronic artists, Grammy-winning performers, and large-scale shows rarely seen in New York City, delivered with the production depth and ambition the culture deserves.
Beyond the summer season, the soon-to-be upgraded Great Hall will continue to operate year-round as a multi-genre arena for live acts and next-generation sounds, ensuring the energy never fades. Yet for all its global pull, the heartbeat of Pacha New York remains unmistakably Brooklyn – with ongoing partnerships with local artists, collectives, and promoters, keeping the space rooted in and reflective of the community that built this dancefloor’s legacy in the first place.
At its core, Pacha New York is a statement: that nightlife can be culturally meaningful, globally connected, and locally rooted all at once.
A stage for artists.
A home for music lovers.
A new chapter in an over 50-year legacy of dancing together.
Kabir Mulchandani, Chairman and Chief Executive of FIVE Holdings, said in a statement, “New York – the financial and cultural capital of the world – represents more than a market expansion for FIVE and Pacha; it marks a defining moment in our global journey. This move reflects the strength of our vision, the resilience of our platform, and our ambition to help shape the future of entertainment on a global stage. We are entering a city that influences how the world thinks, creates, and connects – and we do so with bold imagination, long-term commitment, and the confidence to build destinations that resonate far beyond their physical walls. For us, New York is not simply a new chapter – it is a statement of intent about the scale of our aspirations and the cultural impact we are here to create.”
Andrew Axelrod, CEO and CIO of Axar Capital, adds, “After supporting Avant Gardner through a challenging period in 2025, we are pleased to have achieved an agreement in principle with the Committee of Unsecured Creditors resolving all material matters related to the Chapter 11 plan and sale transaction, as reflected in yesterday’s filings in the U.S. Bankruptcy Court. With these matters now resolved, the transition to FIVE and Pacha can move forward in earnest. We are thrilled to partner with FIVE and Pacha to bring a world-class operator to Brooklyn. We are deeply grateful for the constructive engagement of all constituencies including AG employees, state and local regulators, artists, agents, and unsecured creditors, throughout this process. The partnership with FIVE and Pacha is about restoring the venue as a beloved destination for music fans, and we look forward to seeing it elevated to even greater heights.”
Stay tuned.