{"id":91297,"date":"2026-01-06T18:19:40","date_gmt":"2026-01-06T18:19:40","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/91297\/"},"modified":"2026-01-06T18:19:40","modified_gmt":"2026-01-06T18:19:40","slug":"avant-gardner-and-brooklyn-mirage-sold-for-110-million-to-dubai-based-hospitality-group","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/91297\/","title":{"rendered":"Avant Gardner and Brooklyn Mirage Sold for $110 Million to Dubai-Based Hospitality Group"},"content":{"rendered":"

Brooklyn Mirage and its parent company Avant Gardner have officially sold to a new owner, marking the latest development in a lengthy and troubled saga<\/a>.\u00a0<\/p>\n

Dubai-based FIVE Holdings, the company behind the nightlife brand Pacha, recently purchased Avant Gardner and its centerpiece venue, Brooklyn Mirage, for $110 million.\u00a0<\/p>\n

\u201cThe sale follows a bankruptcy court approval<\/a> for Axar [Capital Management], a longtime lender of Avant Gardner, to acquire most of the company\u2019s assets, including the Brooklyn Mirage, at a bargain following a Chapter 11 filing in August,\u201d Brooklyn Magazine reports.<\/p>\n

\"\"Image courtesy of Brooklyn Mirage\/Facebook<\/p>\n

FIVE Holdings operates several hotels and resorts around the world, including the long-standing Ibiza nightclub, Pacha. A source told Brooklyn Magazine<\/a> that Brooklyn Mirage would turn into Pacha New York. Pacha operated a New York location in Hell\u2019s Kitchen from 2005 to 2016; the group was acquired by FIVE in 2023.\u00a0<\/p>\n

The news presents a different ending than was initially anticipated for the beleaguered music venue. City permits filed last year indicated that Brooklyn Mirage would be demolished, after a botched reopening plunged the venue into bureaucratic limbo for months. However, the planned demolition faced its own share of hiccups, and the Mirage\u2019s future remained uncertain.\u00a0<\/p>\n

Though it\u2019s a new chapter, it might not be an entirely clean slate for the scandal-plagued venue. FIVE Holdings CEO Kabir Mulchandani, one of the richest men in the world,<\/a> was jailed in Dubai on charges of fraud and embezzlement in 2009. He was later acquitted.\u00a0<\/p>\n

\n\tRelated<\/p>\n","protected":false},"excerpt":{"rendered":"Brooklyn Mirage and its parent company Avant Gardner have officially sold to a new owner, marking the latest…\n","protected":false},"author":2,"featured_media":91298,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36],"tags":[2819,98,100,2535,99,1418,43227,43228,9,24,63,42864],"class_list":{"0":"post-91297","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-brooklyn","8":"tag-avant-gardner","9":"tag-brooklyn","10":"tag-brooklyn-headlines","11":"tag-brooklyn-mirage","12":"tag-brooklyn-news","13":"tag-featured-article","14":"tag-five-holdings","15":"tag-kabir-mulchandani","16":"tag-new-york","17":"tag-new-york-city","18":"tag-nyc","19":"tag-pacha"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/91297","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=91297"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/91297\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/91298"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=91297"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=91297"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=91297"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}