Brooklyn Mirage to Reopen as Pacha New York Under FIVE Holdings
Pacha's parent company has entered into a “long-term agreement assuming full operational management" of the venue, set to reopen in June.
Rachel Narozniak
It’s official: come June, the Brooklyn Mirage will begin a new chapter as Pacha New York.
In a Feb. 3 press release, Pacha’s parent company, FIVE Holdings, confirmed that it has entered into a “long-term agreement assuming full operational management of the Brooklyn Mirage and The Great Hall complex.” The announcement formalizes BKMAG’s Jan. 1 report that FIVE Holdings was in talks to acquire the Mirage and Avant Gardner – the East Williamsburg indoor-outdoor event complex home to the Brooklyn Mirage (its flagship venue), The Great Hall, and Kings Hall.
The agreement with Avant Gardner’s primary lender, Axar Capital Management, follows months of uncertainty after Avant Gardner filed for Chapter 11 bankruptcy last August, citing $155.3 million in debt following a $30 million renovation that failed to pass safety inspections. The deal marks Pacha’s return to New York for the first time since Pacha NYC closed in 2016 after a decade-long run in Hell’s Kitchen.
Under the new arrangement, the Mirage will operate seasonally as Pacha New York from June through October, mirroring the venue’s original summer-season model. “Expect the world’s most sought-after electronic artists, Grammy-winning performers, and large-scale shows rarely seen in New York City, delivered with the production depth and ambition the culture deserves,” FIVE Holdings said in the release.
The Great Hall will continue operating year-round “as a multi-genre arena for live acts and next-generation sounds” and will soon be upgraded.
“New York – the financial and cultural capital of the world – represents more than a market expansion for FIVE and Pacha; it marks a defining moment in our global journey. This move reflects the strength of our vision, the resilience of our platform, and our ambition to help shape the future of entertainment on a global stage,” says Kabir Mulchandani, Chairman and Chief Executive of FIVE Holdings. “We are entering a city that influences how the world thinks, creates, and connects – and we do so with bold imagination, long-term commitment, and the confidence to build destinations that resonate far beyond their physical walls. For us, New York is not simply a new chapter – it is a statement of intent about the scale of our aspirations and the cultural impact we are here to create.”
“After supporting Avant Gardner through a challenging period in 2025, we are pleased to have achieved an agreement in principle with the Committee of Unsecured Creditors resolving all material matters related to the Chapter 11 plan and sale transaction, as reflected in yesterday’s filings in the U.S. Bankruptcy Court,” added Andrew Axelrod, Axar Capital’s CEO and CIO. “With these matters now resolved, the transition to FIVE and Pacha can move forward in earnest...The partnership with FIVE and Pacha is about restoring the venue as a beloved destination for music fans, and we look forward to seeing it elevated to even greater heights.”
