Overview
- Axar Capital reached an agreement with unsecured creditors, withdrawing their objection and clearing the bankruptcy sale and plan to move forward, according to court filings.
- FIVE Holdings will assume full operational management of the complex, including the outdoor site and The Great Hall, while the future of Kings Hall remains unresolved.
- City records show the Department of Buildings approved full demolition of the unsafe Mirage structure, with work beginning around February 2 and expected to finish in April or May.
- Pacha New York is scheduled to run a seasonal program from June through October 2026, while The Great Hall will operate year-round as a multi-genre arena.
- Axar acquired Avant Gardner’s assets via a $110 million credit bid and has said the reorganization entails significant costs, including at least $17 million to exit Chapter 11 and about $1.5 million for demolition.