Cityfile: New York's Most Notable and Influential

Michelle Obama Debuts at New Museum | You can't fault the New Museum for trying to capture a bit of the election buzz. The institution unveiled an oil portrait of Michelle Obama today by Elizabeth Peyton, which features the First Lady-to-be listening to her husband address the crowd at the Democratic National Convention with daughter Sasha sleeping in her lap. It's now part of Peyton's exhibition, "Live Forever: Elizabeth Peyton," and will be on display until January 11th. [Unbeige]

♦  The opening of Elizabeth Peyton's New Museum exhibition on Tuesday was full of her friends and fans like Marc Jacobs (with boyfriend Lorenzo Martone, left), Glenn O'Brien, Amy Astley, Peter Brant and Stephanie Seymour, Hope Atherton, Cecily Brown, Rachel Feinstein and John Currin, Alex Katz, Kiki Smith, Gavin Brown, Barbara Gladstone, Debbie Harry, and Thelma Golden. [The Daily, PMc]

♦  Aerin Lauder Zinterhofer teamed up with Vogue on Tuesday night to host the launch of Lacoste Pink at Lacoste on Fifth Avenue and shoppers got a first look at the company's pink-themed collection with 10% of the profits going to Evelyn Lauder's Breast Cancer Research Foundation. Co-hosts Rose Byrne, Marisa Brown, Gigi Mortimer, and Cynthia Lufkin were joined by Gillian Miniter, Nicole Miller, Andrew Saffir and Daniel Benedict, Philip Bloch, Anisha Lakhani, Zani Gugelmann, Emma Snowdon Jones, Melissa Berkelhammer, and Alexandra Lebenthal. [The Daily, Park Ave Peerage, Wireimage]More

• Art star Elizabeth Peyton has put her longtime home in Orient, N.Y. on the market for $900,000. The two-bedroom cottage has a custom kitchen with teak countertops and a heated pool. Peyton hasn't lived in the home full-time for two years now, since she and boyfriend Tony Just purchased a townhouse in the West Village. [Real Estalker, Brown Harris Stevens]
• Recently-ousted Lehman Bros. COO Joe Gregory has put his Bridgehampton estate on the market for $32.5 million. The 8,000-square-foot manse sits on 2.5 beachfront acres and features eight bedrooms, two master suites, a 50-foot pool, and a conservatory. [Newsday, Corcoran]
• A three-bedroom penthouse at 15 Central Park West has sold for $19.4 million. The 4,271-square-foot unit (with 1,910-square-foot terrace) is on the building's 41st floor. [TRD]