BREAKING: Brooklyn Mirage/Avant Gardner Sold To Become Pacha New York

Happy New Year! It seems that 2026 will start with a bang, as news broke on January 1, 2026 that the now-infamous Brooklyn Mirage and its parent Avant Gardner have been sold to the group behind Pacha, FIVE Holdings. Five Holdings, the parent company of Pacha, made its deal with Axar, the longtime lender that acquired most of the Mirage’s assets after a court approval in October. Now, it appears that the Brooklyn Mirage will be rebranded as Pacha New York.

Background

Following court approval in October 2025, Avant Gardner’s longtime lender, Axar, acquired most of the venue’s assets for an estimated $110 million. However, other lenders sued the new owners over apparent misrepresentations of the financial conditions after the sale, according to Bloomberg.

This is yet another twist in the Brooklyn Mirage Saga. Avant Gardner had filed for Chapter 11 bankruptcy after the venue failed to meet legal and safety requirements provided by the Department of Buildings, and cancelled all summer shows. The estate underwent $30 million in renovations in the offseason. Then, the parent company filed for demolition shortly after bankruptcy, which the Department of Buildings has yet to approve.

What this means

The anonymous source explained that this is not just a change of ownership, but rather a major change in the reshaping of financial power. Ultimately, it may cost the music community and its fans. The Dubai-funded Pacha brand could run over independent promoters with inflated talent fees, while consumers still await for Electric Zoo refunds and cancelled Mirage shows. The source also warns of the dangers of hedge funds taking part in the nightlife landscape.

Pacha New York and FIVE Holdings

The original Pacha nightclub in NYC opened its doors in 2005 for 10 years in a massive building in Hell’s Kitchen. Its parent company dealt with massive legal issues, which forced the club to shut down in January 2016. Kabir Mulchandani is the current owner of FIVe Holdings, and back in 2009, he was arrested in Dubai on accusations of fraud and embezzlement. He spent 140 days in jail before his release and the clearance of all charges. (Source)