News Summary
John Idol, CEO of Capri Holdings, has made headlines with his purchase of an 8,700-square-foot townhouse on East 64th Street for $21 million. This all-cash purchase is notable for its elegant design, including a formal dining room with a fireplace and a spacious kitchen. The acquisition comes just weeks before Idol’s announcement of the $1.5 billion sale of the Versace brand to Prada. The property, previously owned by Marty Cohen, highlights Idol’s significant impact and investment prowess in both real estate and the fashion industry.
New York City — John Idol, the CEO of Capri Holdings, has made headlines with his recent purchase of an opulent 8,700-square-foot townhouse on East 64th Street for a staggering $21 million. The all-cash transaction was officially recorded in the city register on September 4, marking a significant investment in New York City’s real estate market.
The elegant property boasts luxurious features, including a formal dining room enhanced with a fireplace, a spacious kitchen that opens onto a terrace, and an exquisite marble staircase. Its luxurious design and prime location contribute to the townhouse’s appeal in a competitive market.
Idol’s real estate acquisition comes at an intriguing time. The townhouse went into contract on April 3, 2024, just one week prior to Idol’s announcement regarding the sale of the Versace brand to Prada for a substantial $1.5 billion. This pivotal sale of the iconic fashion label underscores the influential role that Idol has played in the industry.
The previous owner of the property, Marty Cohen, a co-founder of the investment firm Cohen & Steers, initially purchased the townhouse in 2005 for $21.1 million. Cohen and his wife Michele put the property on the market in March 2024 for $25 million but reduced the asking price by over 15% before finalizing the deal with Idol. According to Thomas Wexler, the broker representing the Cohens, townhouses typically take about a year to sell due to a limited buyer pool.
Idol purchased the townhouse through a shell company named Rosehill Investors VI LLC. The property itself has an interesting history; it once served as a club for a fraternity affiliated with Columbia University, known as St. Anthony’s Hall, until it was sold in 1990. Additionally, the townhouse is situated on the same block as the former residence of Gianni Versace, adding to its historical significance.
An industry veteran, John Idol has an extensive background in the fashion world. He joined forces with Sportswear Holdings to acquire Michael Kors in 2003, further establishing his presence in the fashion industry. Capri Holdings, which went public in 2012, saw Idol retain 1% of the company’s shares, demonstrating his commitment to the business. The company made headlines in 2018 after acquiring Versace for $2.1 billion, subsequently adopting its current name in 2019.
The financial performance of Capri Holdings has experienced fluctuations, with its stock trading between $12 and $43 per share over the past year, closing at $21 on the most recent trading day. This volatility underscores the dynamic nature of the fashion and luxury goods market, in which Capri Holdings operates.
Despite multiple attempts to contact representatives from Cohen & Steers and Capri Holdings for additional comments, no responses were received. As John Idol continues to navigate his multifaceted role as both a business leader and a real estate investor, this strategic townhouse purchase further highlights his significant influence and investment acumen within both industries.
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Additional Resources
- Crain’s New York: John Idol’s Townhouse Purchase
- Wikipedia: New York City
- New York Post: Madoff’s Penthouse
- Google Search: New York City Real Estate
- Business Insider: John Idol’s Strategy
- Google Scholar: John Idol Capri Holdings
- Encyclopedia Britannica: Real Estate
- Forbes: Metropolitan Real Estate Market Analysis
- Google News: John Idol
Author: STAFF HERE NEW YORK WRITER
NEW YORK STAFF WRITER The NEW YORK STAFF WRITER represents the experienced team at HERENewYork.com, your go-to source for actionable local news and information in New York, the five boroughs, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as New York Fashion Week, Macy's Thanksgiving Day Parade, and Tribeca Film Festival. Our coverage extends to key organizations like the Greater New York Chamber of Commerce and United Way of New York, plus leading businesses in finance and media that power the local economy such as JPMorgan Chase, Goldman Sachs, and Bloomberg. As part of the broader HERE network, including HEREBuffalo.com, we provide comprehensive, credible insights into New York's dynamic landscape.
