Derek Lam, the famous fashion designer, has reportedly purchased a residence in the Gramercy Park neighborhood of New York City for $4.75 million.
The fashion guru dropped the dollars on a chic pad in the 50 Gramercy Street North building, a 17-storey co-op structure, originally built as a hotel in 1924 and converted to a co-operative in 2006.
James Morgan of Corcoran Group represented Lam and Paige Neuhauser and Kirk Rundhaug of Douglas Elliman represented the seller, reports the New York Daily News.
Listing records at Streeteasy show the home sold May 21, 2014. Apartment 5A, the most recent sale of the building, is a 2,150-square feet unit, comprising of three bedrooms and three full and one half bathrooms.
Floor plans of the house show the entrance opening into a foyer that leads to a great room on the left. A modern kitchen is right across the foyer. A library/bedroom sits right adjacent to the great room.
To the right of the foyer is a sleek gallery that has another bedroom to its left and leads directly into the master suite. The master bedroom has a separate dressing area and an attached master bath.
Interiors of the home feature hardwood flooring, drywall ceilings and floor-to-ceiling glass windows and slider doors.
The new purchase comes as Lam recently sold off his Soho pad, earlier this month. Lam and his partner, Jan-Hendrik Schlottmann, who serves as the CEO of Derek Lam international, purchased the property in 2011 for $4.6 million.
The home spreads across an area of 2,200 square feet and features 12-feet ceilings and hardwood flooring. The residence has 3 bedrooms and 3 bathrooms. Floor plans reveal that the main level can be accessed by a private elevator opening into the formal living/dining room. A kitchen lies adjacent to the living room. A narrow corridor leads to a slightly lowered unit comprising of two bedrooms and bathrooms.
The upper level consists of a library and a huge master suite that has massive walk-in closets and an attached modern bathroom with a spa-like tub.
The building itself offers luxury amenities that requires a monthly maintenance fee. The building has been home to many celebrities. Apparently, Rihanna was renting a condo unit for around $18,000 a month, reports The Real deal.
Check out some photos of the home here. You can also see pictures of his new pad here.
While Lam has departed from the area, he will soon be opening a flagship store for his new 10 Crosby line. The store will be located at "115 Mercer Street, between Prince Street and Spring Street, and will boast a 2,200-square feet space," according to Fashion Times.
"Stemming from the success of the line with our wholesale partners in the U.S., we felt that now was the appropriate time to further extend the reach of 10 Crosby Derek Lam in a location that fits both the customer and the brand," CEO Schlottmann told the website.
