Lagerfeld takes $2M hit on Gramercy Park pad

January 18, 2013 12:30PM

The legendary German fashion designer and Chanel creative director Karl Lagerfeld has sold his Gramercy apartment for $4.5 million — representing a $2 million loss — according to public records spotted by the New York Post. Lagerfeld purchased the three-bedroom, sixth-floor unit at 50 Gramercy Park North — which comes with a coveted key to Gramercy Park — for $6.69 million in 2006. The buyer is investor Sebastian Barrack.

Although Lagerfeld added custom bookshelves and other personal touches to the apartment he never actually lived in it, sources told the Post. The 2150-square-foot unit has been on the market for several years, and poor natural light and $7,439 a month maintenance are likely what kept it there.

The apartment’s amenities include an entry foyer, views of Gramercy Park, a chef’s kitchen and a master bedroom suite with a walk-in closet. Dolly Lenz of Douglas Elliman handled the deal.  [NYP]Christopher Cameron