Karl Lagerfeld selling Gramercy Park pad

Fashion icon Karl Lagerfeld is planning to sell off the 50 Gramercy Park North co-op he once hoped to retire in for more than $1 million below the price he paid for it five years ago. According to the Post, the Chanel and Fendi designer, a pal of building developer Ian Schrager from their Studio 54 days, paid $6.575 million for the three-bedroom, three-and-a-half-bathroom apartment in 2006 but never moved in. He has now enlisted the Corcoran Group’s Wendy Sarasohn to help sell the sixth-floor abode for $5.5 million. It comes with plenty of closet space, a key to Gramercy Park and the amenities and services of the Gramercy Park Hotel. Some real estate industry insiders will be able to sneak a peek at the apartment next week, when author Jill Kargman, daughter of former Chanel executive Arie Kopelman, does a reading from her new “Sometimes I Feel Like A Nut” there. [Post]