Completely happy New 12 months! Plainly 2026 will begin with a bang, as information broke on January 1, 2026 that the now-infamous Brooklyn Mirage and its father or mother Avant Gardner have been offered to the group behind Pacha, FIVE Holdings. 5 Holdings, the father or mother firm of Pacha, made its take care of Axar, the longtime lender that acquired many of the Mirage’s belongings after a court docket approval in October. Now, it seems that the Brooklyn Mirage will likely be rebranded as Pacha New York.
Background
Following court approval in October 2025, Avant Gardner’s longtime lender, Axar, acquired many of the venue’s belongings for an estimated $110 million. Nevertheless, different lenders sued the brand new homeowners over obvious misrepresentations of the monetary circumstances after the sale, in response to Bloomberg.
That is yet one more twist within the Brooklyn Mirage Saga. Avant Gardner had filed for Chapter 11 chapter after the venue failed to satisfy authorized and security necessities supplied by the Division of Buildings, and cancelled all summer time exhibits. The property underwent $30 million in renovations within the offseason. Then, the father or mother firm filed for demolition shortly after chapter, which the Division of Buildings has but to approve.
What this implies
The nameless supply defined that this isn’t only a change of possession, however relatively a significant change within the reshaping of economic energy. Finally, it could value the music neighborhood and its followers. The Dubai-funded Pacha model might run over impartial promoters with inflated expertise charges, whereas customers nonetheless await for Electrical Zoo refunds and cancelled Mirage exhibits. The supply additionally warns of the risks of hedge funds participating within the nightlife panorama.
Pacha New York and FIVE Holdings
The unique Pacha nightclub in NYC opened its doorways in 2005 for 10 years in an enormous constructing in Hell’s Kitchen. Its father or mother firm handled huge authorized points, which pressured the membership to close down in January 2016. Kabir Mulchandani is the present proprietor of FIVe Holdings, and again in 2009, he was arrested in Dubai on accusations of fraud and embezzlement. He spent 140 days in jail earlier than his launch and the clearance of all expenses. (Source)
