When word got out about a month ago that Derek Lam was releasing a diffusion line, the fashion set put it in the win column. Named 10 Crosby after the address of his company's headquarters in New York, Lam's new collection is inspired by the cool, downtown girls he sees around the neighborhood—girls like top model-with-a-personality Hanne Gaby Odiele, who helped style the lookbook that she stars in. Tailored raffia trenches, denim tweed suiting separates, and cropped DB jackets in canvas have the same DNA as the designer's namesake line. Ditto goes for a signature one-shouldered goddess dress in olive matte jersey that'll set you back around $495.

These clothes aren't cheap in the fast-fashion sense (knits start at $165 and the pricier items max out at $795), but they're in no way watered down and will hang next to Lam's runway looks when they arrive in stores in November. Women looking to get in on this season's major pajama trend, for example, will find smart silk color-blocked separates that won't cost an entire paycheck—more like cutting back on a few $20 cocktails at the Crosby Bar.