"EAST WILLIAMSBURG - BROOKLYN MIRAGE IS SET TO REOPEN in June as Pacha New York under a long-term agreement that gives FIVE Holdings operational control of the Brooklyn Mirage and The Great Hall complex, according to Brooklyn Paper . The deal follows Avant Gardner's Chapter 11 filing last August , with the company facing $155.3 million in debt after a $30 million renovation that failed to pass safety inspections."
"Under the new arrangement, the Mirage is expected to run seasonally from June through October, while The Great Hall will continue year-round as a "multi-genre arena" and is slated for upgrades. Axar Capital CEO Andrew Axelrod said in a press release, "With these matters now resolved, the transition to FIVE and Pacha can move forward in earnest.""
The Brooklyn Mirage is scheduled to reopen in June as Pacha New York under a long-term agreement that grants FIVE Holdings operational control of the Brooklyn Mirage and The Great Hall complex. The agreement follows Avant Gardner's Chapter 11 filing last August, with the company carrying $155.3 million in debt after a $30 million renovation failed safety inspections. The Mirage will operate seasonally from June through October. The Great Hall will continue operating year-round as a "multi-genre arena" and is slated for facility upgrades. Axar Capital noted the resolution allows the transition to proceed.
Read at Brooklyn Eagle
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