Pacha could take over Brooklyn Mirage-will it reopen?

"According to , FIVE Holdings, the Dubai-based parent company of Pacha, is set to buy Avant Gardner and its flagship property, the Brooklyn Mirage, from Axar Capital Management. Axar scooped up most of Avant Gardner's assets after the company filed for Chapter 11 bankruptcy in August, after months of financial turmoil and canceled shows. The deal could officially turn the Mirage into "Pacha New York," reviving a name that last operated in the city in Hell's Kitchen from 2005 to 2016."

"The venue spent roughly $30 million on renovations last year, only to fail safety inspections and never reopen for the season. By October, its owners were filing permits to demolish the structure entirely. Then the city's Department of Buildings hit pause on the demolition application. Since then, the space has sat in limbo: too broken to actually party in, yet too controversial to knock down."

"Now, Pacha, a brand synonymous with glossy, globe-trotting club culture and massive DJ bookings, enters the picture. If the sale goes through, the Mirage would likely be reborn as Pacha New York, bringing one of the world's most famous nightlife brands back to the city. Industry sources quoted by describe the deal as more than a simple ownership change, warning that deep-pocketed global nightlife groups could reshape New York's electronic music scene, especially while some ticketholders are still waiting on refunds fr"

FIVE Holdings, the Dubai-based owner of Pacha, is set to buy Avant Gardner and the Brooklyn Mirage from Axar Capital Management, which acquired most of Avant Gardner's assets after the company filed for Chapter 11 in August. The Brooklyn Mirage underwent roughly $30 million in renovations but failed safety inspections and did not reopen for the season. Owners filed permits to demolish the structure, but the city's Department of Buildings paused the demolition application. The site remains in limbo. If the sale closes, the venue would likely reopen as Pacha New York. Industry sources warn that global nightlife groups could reshape New York's electronic music scene while some ticketholders still await refunds.

Read at Time Out New York