News Summary
John Idol, the CEO of Capri Holdings, has made a notable real estate acquisition by purchasing an 8,700-square-foot townhouse on the Upper East Side for $21 million. The property, originally built in 1879 and previously home to a Columbia University fraternity, features elegant amenities including a formal dining room and a marble staircase. The purchase reflects the ongoing corporate challenges faced by Idol and Capri Holdings, particularly the blocked merger with Tapestry, highlighting the intersection of high-stakes business and luxury real estate in New York City.
New York City — John Idol, the CEO of Capri Holdings, has purchased an 8,700-square-foot townhouse on the Upper East Side for $21 million in an all-cash deal. The transaction was completed and recorded in the city register on September 4, marking a significant acquisition for the luxury fashion executive.
The property is located on East 64th Street and boasts a range of elegant features, including a formal dining room with a fireplace, a kitchen that opens to a terrace, and a marble staircase. This historic townhouse was originally built in 1879 and has a rich heritage, having served as the home of St. Anthony’s Hall, a Columbia University fraternity, until its sale in 1990.
The deal for the townhouse was set in motion when it went into contract on April 3, one week prior to Idol’s announcement regarding the sale of Versace to Prada for $1.5 billion. The seller, Marty Cohen, co-founder of the investment firm Cohen & Steers, listed the property for $25 million in March 2024. However, after a price reduction of more than 15%, the sale was completed.
Idol acquired the townhouse through a shell company known as Rosehill Investors VI LLC. The transaction was facilitated by Thomas Wexler, a broker from Leslie Garfield & Co., who highlighted that townhouses in the area typically undergo a sales process that can last up to a year.
This acquisition takes place amidst a broader context of Capri Holdings‘ recent corporate challenges. In 2023, Idol announced a proposed acquisition of Capri Holdings by Tapestry, the parent company of Coach, for nearly $9 billion. However, the merger faced regulatory hurdles from federal authorities who cited monopolistic concerns, ultimately blocking the deal.
In recent months, Capri Holdings has also faced volatility in its stock prices, which have ranged from a 52-week high of $43 per share to a low of $12. As of the day of the townhouse news, it closed at $21 per share.
The property’s location is particularly notable, as it resides on the same block as the former residence of iconic designer Gianni Versace, adding an element of prestige to Idol’s new home. Prior to leading Capri Holdings, Idol co-founded Michael Kors in 2003, which subsequently went public in 2012. He retained a 1% stake in the company following its IPO.
The Kohens had originally purchased the townhouse for $21.1 million in 2005 and had seen a decline in their asking price as market conditions evolved. The historical significance of the property and its elegant design have made it a sought-after residence, albeit taking longer than anticipated to find a buyer.
As of the time of publication, requests for comments from both Cohen & Steers and Capri Holdings’ media representatives have gone unanswered.
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Additional Resources
- Crain’s New York: Capri Holdings’ John Idol Buys Manhattan Townhouse
- Wikipedia: Upper East Side
- 6sqft: Ivana Trump’s Lenox Hill Townhouse Gets Another Price Cut
- Google Search: Ivana Trump townhouse
- AMNY: Stunning Home Manhattan Upper East Side
- Encyclopedia Britannica: Real Estate
- New York Post: Ivana Trump’s NYC Townhouse Just Saw Another Price Cut
- Google News: Ivana Trump real estate
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