"EAST WILLIAMSBURG - DEMOLITION WAS SET to begin Feb. 2 at Brooklyn Mirage after approval by the New York City Department of Buildings and Brooklyn Community Board 1, according to . The teardown is expected to cost $1.5 million and finish in April or May, potentially colliding with court papers stating a Spring 2026 return under tentative new owner Axar Capital Management."
"The Mirage's physical condition and how demolition and reconstruction of its large outdoor stage would be funded and executed ahead of the 2026 season is an ongoing point of contention. Recently, creditors moved to withdraw support for Axar Capital Management's $110 million "credit bid" takeover, arguing Axar is no longer acting in the best interests of the estate or general unsecured creditors."
Demolition of the Brooklyn Mirage is scheduled to start Feb. 2 following approvals from the New York City Department of Buildings and Brooklyn Community Board 1. The teardown is expected to cost $1.5 million and conclude in April or May, which could conflict with court papers indicating a Spring 2026 reopening under tentative new owner Axar Capital Management. The venue's physical condition and the funding and execution plan for demolishing and reconstructing its large outdoor stage ahead of the 2026 season remain disputed. Creditors recently moved to withdraw support for Axar's $110 million 'credit bid' takeover, citing misalignment with creditor and estate interests.
Read at Brooklyn Eagle
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