Pacha Ibiza parent company to purchase Brooklyn Mirage after turbulent year

Williamsburg venue Brooklyn Mirage is reportedly set to be rebranded as Pacha New York after being sold to Pacha parent company FIVE Holdings, per BK Mag.

An industry source told BK Mag that a deal was struck last week (January 1), which will make the Dubai-based holdings company the new owners of both Brooklyn Mirage and the wider complex that houses the New York venue, Avant Gardner.

It comes after a strained period for Brooklyn Mirage, whose parent company filed for bankruptcy in August last year with over $150m in funded debt obligations, and later faced part-demolition in October with reported plans to remove a 32,000 sq. ft area of the club.

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Earlier in 2023, two people were found dead and another was allegedly kidnapped after leaving the venue. Though the venue denied responsibility, owners made plans to close temporarily in order to make $30 million worth of renovations and heighten safety measures.

According to Brooklyn Paper, Brooklyn Mirage planned to reopen on May 1, 2025, but failed to meet its inspection deadline, its temporary occupancy certificate to be withdrawn.

Avant Gardner’s longtime lender, Axar, acquired the venue complex in October 2025. After purchase, Brooklyn Mirage’s other lenders reportedly sued the company for “alleged misrepresentations of the company's financial condition," according to Bloomberg.

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The anonymous source who spoke to BK Mag called the latest developments “yet another example of the dangers of hedge funds entering the electronic music and nightlife landscape.”

“This will have a lasting impact on the New York electronic music market, positioning the Dubai-funded Pacha brand to steamroll independent promoters in the city with inflated talent offers even while consumers are still owed refunds from Electric Zoo and canceled Mirage shows,” they reportedly said.

[Via BK Mag]

Gemma Ross is Mixmag's Associate Digital Editor, follow her on Twitter