So this is how the man who taught us high-end living is going to live.

Ian Schrager, the boutique hotel pioneer behind luxury accommodation gems like the Public, the Delano in Miami and Mondrian in Los Angeles, has dropped $4.26 million on a new home in New York. The apartment, which has three bedrooms and two and a half bathrooms, is located in Brooklyn’s Dumbo neighborhood and close to a site that industry insiders expect will be home to a new Public-branded hotel.

The loft has all the ingredients of luxury postindustrial New York living. It’s equipped with exposed timber beams and brick walls, oak floors and a ceiling that’s 13 feet high. 10 feet high windows run through the 2,600 square foot space, offering plenty of natural light. Schrager once co-owned the legendary New York nightclub Studio 54 and the loft is accordingly outfitted for entertaining. According to the listing, the kitchen comes with teak and stainless steel countertops, moveable eat-in bars, and stainless steel fixtures like a Miele dishwasher and a Sub-Zero refrigerator. To wash up thereafter, the master bedroom is decked out with dual vanity sinks and a rain shower head.

(Nest Seekers International)

Also read: Ian Schrager Scraps Plans for $80 Million Penthouse

(Nest Seekers International)

Schrager’s new home, located at 31 Washington Street, used to be an iron works factory in the 19th century but like much else in that heavily gentrified part of Brooklyn, has been repurposed. It’s also only about a half block away from the East River and the Main Street Brooklyn Bridge Park, which offers 3.5 acres of green space.

The renowned developer also seems to have gotten a slight discount, since Mansion Global reports that the apartment was originally listed for $4.4 million. The sale was handled by Nest Seekers International.

(Nest Seekers International)