Things just get better and better for fashion designer Derek Lam. In July, Lam sold a majority stake in his label right before the market collapsed, he's now at work on his first freestanding store in SoHo, and he continues to earn praise as creative director of Tod's. Plus, he just got back to town after a blissful Thanksgiving weekend spent on the beach in Turks and Caicos, which means he's well-rested. And now he has a new weekend home, too. Lam and his longtime partner, Jan-Hendrik Schlottman, have paid $2.15 million for a three-bedroom, oceanfront home—with pool and hot tub, of course—on Ocean Walk in the Fire Island Pines.