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The site of the troubled Avant Gardner entertainment complex in East Williamsburg, Brooklyn, which once included the world-renowned Brooklyn Mirage nightclub, has been sold to <\/span>Five Holdings<\/a><\/b>, owner of the <\/span>Pacha <\/b>nightlife brand<\/span>,<\/b> for $110 million.\u00a0<\/span><\/p>\n The site, at <\/span>140 Stewart Avenue<\/b>, has seen its share of controversy since its 2017 inception.\u00a0<\/span><\/p>\n While the 80,000-square-foot Avant Gardner and its outdoor Brooklyn Mirage club have been cited as among the world\u2019s top nightclubs, the site was besieged by scandals ranging from overly aggressive security to a spate of related kidnappings and deaths, as well as rampant drug use.\u00a0<\/span><\/p>\n A Gothamist <\/span>investigation<\/span><\/a> found that \u201cat least 1,600 people were treated at Avant Gardner for intoxication or \u2018altered mental state\u2019 from 2018 to mid-2022,\u201d including three who died from accidental drug overdoses.<\/span>\u00a0<\/span><\/a><\/p>\n After <\/span>announcing the hiring<\/span><\/a> of Avant Gardner\u2019s first-ever CEO, former <\/span>NeueHouse<\/b> and Fotografiska CEO <\/span>Josh Wyatt<\/b>, in October 2024,<\/span> the company then announced<\/span><\/a> a $30 million series of scheduled renovations to Brooklyn Mirage, including new acoustics and sight lines and a beefed-up security team, to be completed in time for a May 1, 2025, reopening.<\/span>\u00a0<\/span><\/a><\/p>\n But the reopening was canceled at the last minute due to the city\u2019s <\/span>Department of Buildings<\/b> ruling the venue \u201cstructurally unsafe,\u201d and Wyatt was <\/span>fired<\/span><\/a> later that month.<\/span> \u00a0<\/span><\/p>\n By August 2025, Avant Gardner <\/span>had filed for Chapter 11 bankruptcy<\/span><\/a>, citing $155.3 million in debt obligations.<\/span>\u00a0<\/span><\/a><\/p>\n \u00a0<\/span>This included the company receiving \u201ca debtor-in-possession (DIP) financing commitment from its existing lender,\u201d according to a statement from the venue.\u00a0<\/span><\/p>\n \u201cAs part of its filings, Avant Gardner anticipates entering into a stalking horse purchase agreement pursuant to which the company will sell its assets to an entity formed and controlled by its existing lender (subject to a court supervised over-bidding process),\u201d <\/span>the statement<\/span><\/a> read.<\/span>\u00a0<\/span><\/a><\/p>\n By mid-October,<\/span> Brooklyn Magazine<\/span><\/i> was <\/span>reporting that<\/span><\/a> Avant Gardner had filed an application to demolish the Brooklyn Mirage. <\/span>\u00a0<\/span><\/a><\/p>\n Despite this, <\/span>Gothamist reported<\/span><\/a> just two weeks later that a judge had cleared the way for private equity firm <\/span>Axar Capital Management<\/a><\/b> to buy Avant Gardner for around $110 million. At the time, Axar was still discussing having Brooklyn Mirage ready for the 2026 season.\u00a0<\/span><\/p>\n But by Jan. 1, 2026, <\/span>Brooklyn Magazine<\/span><\/i> was <\/span>reporting that<\/span><\/a>, in what seems like a true final act to this long-running saga, Five Holdings, \u201cthe Dubai-based holding company for the global nightlife brand Pacha,\u201d was expected to enter a deal with Axar to buy Avant Gardner for $110 million, and convert the Brooklyn Mirage into <\/span>Pacha New York<\/b>.<\/span>\u00a0<\/span><\/a><\/p>\n