"After a battle in bankruptcy court, there's 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. FIVE Holdings, the Dubai-based company behind Pacha, has brokered an agreement with Axar Capital Management to take "full operational management" of the Mirage and its sister venue The Great Hall after the venues' parent company, Avant Gardner, filed for bankruptcy."
"That agreement seemed in jeopardy just last week, when a group of unsecured creditors - people owed money by Avant Gardner - accused Axar of secretly brokering a sale to Pacha and undermining a deal previously approved in bankruptcy court. Court documents show that Axar has since reached an agreement with the creditors, though the details of that agreement were not immediately available."
""With these matters now resolved, the transition to FIVE and Pacha can move forward in earnest," Axar CEO Andrew Axelrod said in a statement. Pacha New York will kick off its "first season" 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 "world-class performances that place international headliners and homegrown talent on the same stage.""
FIVE Holdings, the Dubai-based company behind Pacha, reached an agreement with Axar Capital Management to assume full operational management of the Brooklyn Mirage and The Great Hall following Avant Gardner's bankruptcy. A group of unsecured creditors previously accused Axar of secretly arranging a sale to Pacha and undermining a prior court-approved deal; Axar later settled with the creditors. Axar CEO Andrew Axelrod said the matters are resolved and the transition can proceed. Pacha New York will open for a seasonal June–October 2026 run, while The Great Hall will be upgraded for year-round multi-genre programming; Kings Hall's status remains unclear.
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