Pacha Owner Buys Avant Gardner’s Brooklyn Mirage for $110 Million

Overview

• Dubai-based Five Holdings, the company behind the Pacha brand, purchased the Avant Gardner complex, including the Brooklyn Mirage, for $110 million.
• The transaction follows Chapter 11 proceedings in which lender Axar Capital moved to acquire most assets through a court-approved process.
• Reports indicate the site is expected to be rebranded as Pacha New York, though the new owner has not announced a timeline or plans.
• A planned 2025 reopening was canceled when New York City’s Department of Buildings deemed the site structurally unsafe, and later demolition permits surfaced but did not advance.
• Representatives for Five Holdings and Avant Gardner did not comment, and the venue’s future operating details remain unresolved against a backdrop of past safety controversies documented by Gothamist.