Site of Troubled Brooklyn Entertainment Complex Sells for $110M

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 Five Holdings, owner of the Pacha nightlife brand, for $110 million. 

Traded was first to note the sale.

The site, at 140 Stewart Avenue, has seen its share of controversy since its 2017 inception. 

While the 80,000-square-foot Avant Gardner and its outdoor Brooklyn Mirage club have been cited as among the world’s 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. 

A Gothamist investigation found that “at least 1,600 people were treated at Avant Gardner for intoxication or ‘altered mental state’ from 2018 to mid-2022,” including three who died from accidental drug overdoses. 

After announcing the hiring of Avant Gardner’s first-ever CEO, former NeueHouse and Fotografiska CEO Josh Wyatt, in October 2024, the company then announced 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. 

But the reopening was canceled at the last minute due to the city’s Department of Buildings ruling the venue “structurally unsafe,” and Wyatt was fired later that month, according to Brooklyn Magazine.  

By August 2025, Avant Gardner had filed for Chapter 11 bankruptcy, citing $155.3 million in debt obligations. 

This included the company receiving “a debtor-in-possession (DIP) financing commitment from its existing lender,” according to a statement from the venue. 

“As 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),” the statement read. 

By mid-October, Brooklyn Magazine was reporting that Avant Gardner had filed an application to demolish the Brooklyn Mirage.  

Despite this, Gothamist reported just two weeks later that a judge had cleared the way for private equity firm Axar Capital Management to buy Avant Gardner for around $110 million. At the time, Axar was still discussing having Brooklyn Mirage ready for the 2026 season. 

But by Jan. 1, 2026, Brooklyn Magazine was reporting that, in what seems like a true final act to this long-running saga, Five Holdings, “the Dubai-based holding company for the global nightlife brand Pacha,” was expected to enter a deal with Axar to buy Avant Gardner and convert the Brooklyn Mirage into Pacha New York.  Traded places the sale amount at $110 million.

Representatives from Five Holdings and Avant Gardner did not immediately respond to requests for comment.

CLARIFICATION: This article has been updated to clarify that Traded was the source of the sale price, not Brooklyn Magazine. 

Larry Getlen can be reached at lgetlen@commercialobserver.com.