{"id":122637,"date":"2026-02-04T14:28:09","date_gmt":"2026-02-04T14:28:09","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/122637\/"},"modified":"2026-02-04T14:28:09","modified_gmt":"2026-02-04T14:28:09","slug":"brooklyn-mirage-sale-approved-site-will-reopen-this-summer","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/122637\/","title":{"rendered":"Brooklyn Mirage Sale Approved, Site Will Reopen This Summer"},"content":{"rendered":"

FIVE Holdings brokered an agreement with Axar Capital Management to take \u201cfull operational management\u201d of the Mirage and its sister venue The Great Hall.<\/p>\n

\t\t\t\t\t\t\"\"\"\" <\/p>\n

The Brooklyn Mirage is set to reopen as Pacha New York this summer. Rendering via FIVE Holdings<\/p>\n

by Kirstyn Brendlen, Brooklyn Paper<\/p>\n

After a battle in bankruptcy court, there\u2019s a new life on the horizon for the Brooklyn Mirage, as global nightlife brand Pacha is set to take it over and reopen it as Pacha New York this summer.<\/p>\n

FIVE Holdings<\/a>, the Dubai-based company behind Pacha, has brokered an agreement with Axar Capital Management to take \u201cfull operational management\u201d of the Mirage and its sister venue The Great Hall after the venues\u2019 parent company, Avant Gardner, filed for bankruptcy.<\/p>\n

\"industrialThe site in 2023. Photo by Paul Frangipane<\/p>\n

That agreement seemed in jeopardy<\/a> just last week, when a group of unsecured creditors \u2014 people owed money by Avant Gardner \u2014 accused Axar of secretly brokering a sale to Pacha and undermining a deal previously approved in bankruptcy court.<\/p>\n

Court documents show that Axar has since reached an agreement with the creditors, though the details of that agreement were not immediately available.<\/p>\n

\u201cWith these matters now resolved, the transition to FIVE and Pacha can move forward in earnest,\u201d Axar CEO Andrew Axelrod said in a statement.<\/p>\n

Pacha New York will kick off its \u201cfirst season\u201d in June 2026, the company said. In keeping with Mirage tradition, it will operate as a seasonal venue, closing in October 2026. In those five months, the company said it will bring \u201cworld-class performances that place international headliners and homegrown talent on the same stage.\u201d<\/p>\n

The Mirage, operating only a few months of the year, had historically relied on temporary certificates of occupancy it renewed each spring, rather than a permanent one.<\/p>\n

\"rendering\"The Brooklyn Mirage in 2023. Photo by Chris Lavado\/ShoreFire Media<\/p>\n

The Great Hall, meanwhile \u2014 tucked inside the same complex in East Williamsburg \u2014 will be upgraded to serve as a year-round \u201cmulti-genre arena.\u201d It was not immediately clear whether the third venue at Avant Gardner, Kings Hall, will be impacted.<\/p>\n

In a statement, FIVE Holdings CEO Kabir Mulchandani said the brand\u2019s expansion to New York was a \u201cdefining moment\u201d in the company\u2019s journey.<\/p>\n

\u201cThis 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,\u201d Mulchandi said. \u201cWe are entering a city that influences how the world thinks, creates, and connects \u2014 and we do so with bold imagination, long-term commitment, and the confidence to build destinations that resonate far beyond their physical walls.\u201d<\/p>\n

Pacha\u2019s original New York City nightclub in Hell\u2019s Kitchen closed in 2016<\/a>, after ten years in business. FIVE Holdings acquired<\/a> the Pacha Group in 2023.<\/p>\n

The once-beloved Brooklyn Mirage went into freefall last May, when it failed to reopen after a massive renovation. The open-air venue was rife with structural and safety issues<\/a>, according to the Department of Buildings, and though Avant Gardner had claimed the venue would be up and running for the 2025 season, it was never cleared for occupancy. Last October, Avant Gardner filed for Chapter 11 bankruptcy<\/a>, citing financial issues largely caused by the ongoing problems with the Mirage.<\/p>\n

Bankruptcy court proceedings were rife with controversy. Axar was approved to take over most of Avant Gardner\u2019s assets, but other lenders who had provided funding to Avant Gardner sued<\/a>, claiming Axar had lied about Avant Gardner\u2019s financial status and construction issues when seeking loans. After Brooklyn Magazine<\/a> broke the news of a Pacha takeover last month, the unsecured creditors pulled their prior approval for the Axar agreement, claiming the Pacha deal had been negotiated in secret and would undercut the creditors\u2019 ability to recoup their money if the Mirage was sold and proved to be \u201cwildly successful.\u201d<\/p>\n

As bankruptcy proceedings unfolded in court, Avant Gardner filed to demolish<\/a> the Mirage after being ordered by the DOB to fix its myriad issues \u201cthrough removal or repair.\u201d Demolition was scheduled to start on February 2 and last for two to three months, according to a document circulated by Brooklyn Community Board 1.<\/p>\n

Editor\u2019s note: A version of this story originally ran in Brooklyn Paper. Click here<\/a> to see the original story.<\/p>\n

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