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Designer Reed Krakoff Pays $28M for Upper East Side Mansion

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This townhouse at 54 East 64th Street has has something of a fraught history — formerly occupied by the New York Observer, it later starred as a Kips Bay Decorator Show House and was purchased by an Irish investor who almost immediately lost a bunch of money when his country's economy went south and had to resell it in a hurry for a slight profit, after which it sold yet again (both parties shielded by LLCs) for a slight loss. But now it appears that brighter days are ahead for the enormous mansion, as former Coach creative designer Reed Krakoff has bought it for $28 million, according to the Post. That's $10 million more than it traded for the last time around, and Krakoff has the ability to turn it into an even more expensive property by with the types of upgrades he's famous for. Krakoff's previous Upper East Side townhouse sold for $51 million in February. Hopefully we'll get to see the inside of this one once he's done with it.

· Designer Reed Krakoff buys $28M townhouse [NYP]
· 54 East 64th Street coverage [Curbed]