Feb. 3 (Bloomberg) -- Fashion designer Reed Krakoff, the former president and creative director of Coach Inc., sold his townhouse on Manhattan’s Upper East Side for $51 million.
The brick-and-limestone home at 113-115 E. 70th St. was sold to an entity called 70th Street Acquisition LLC, which has an address in Hewlett, New York, according to New York City property records filed today.
Krakoff, 49, who joined Coach in 1996 and helped build the leather-goods maker into a $5 billion brand, left the company last year to run a luxury fashion business that bears his name. He and his wife, Delphine, an interior designer, bought the 18,000-square-foot (1,672-square-meter) home for $17.4 million in 2005 and “quietly” put it on the market for $52 million about four years later, according to the New York Observer.
The neo-Georgian style home, built in 1910, had been converted into 12 apartments before the Krakoffs renovated it, Vogue magazine reported in 2010. The property was gutted by a fire in 2006, according to the New York Times.
A spokeswoman at Reed Krakoff LLC said she couldn’t comment on the townhouse sale.
A 2011 profile of Krakoff in the New Yorker said the 70th Street townhouse featured a library with about 10,000 books and a ground-floor bathroom that was “covered entirely in golden snakeskin.”
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