Rebecca Minkoff One Kings Lane Apartment Makeover

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"I wanted warmth and pops of color offset by modern furniture," Minkoff tells PEOPLE of the inspiration for her apartment's new look, which also had to work for her two children, Luca and Bowie.

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Minkoff's biggest challenge during the makeover process? "Making it stylish and kid friendly," she tells PEOPLE. "I don't ever want to be that mom who is telling her kids to be careful and not touch things in their home. I want them to feel free and excited."

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Studio at One Kings Lane designer Reid, who worked with Minkoff on the revamp, was inspired by a wall of wooden necklaces she had hanging in the space. "I loved the clean lines combined with the color blocking," he says.

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Another big inspiration for Reid? "The peacock blue upholstered dining chairs that Rebecca had in her old space. The color is amazing, and I balanced it by picking it up in the modern barstools at the kitchen counter," he tells PEOPLE.

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Minkoff's home design philosophy – nowhere more apparent than in her stylish, open living room – is simple: "Keep the color to the accents and keep the base neutral; then you can always swap out as seasons change."

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The fashion designer tells PEOPLE her two favorite touches are "the big baskets that hold tons of toys, and the pillows on the couch."a

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Reid is obsessed with Minkoff's new gallery wall. "I'm calling it now – the gallery ledge is the new gallery wall. It's great because as time goes you can add to it, so it is always evolving.aYou take a trip and find a great sketch at a market, your child has an adorable drawing from school, a special photograph of you and your family – frame them and lean them on the ledge. The best part is, you no longer have to be afraid of too many holes in your walls from hanging art."

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Reid and Minkoff worked well as partners, though there were a few roadblocks along the way. "My biggest challenge was convincing Rebecca to switch her existing two sofas for the sectional and pair of butterfly chairs," says Reid. "Comfort was first and foremost for her, and I wanted to keep that aspect of comfort but also achieve a more beautiful, functional space."

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Reid can sum up his design philosophy in three words: "Function then beauty. A space is beautiful only if it functions for those living in it."

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Minkoff's kids, Luca and Bowie, were a big help throughout the redesign process. "They were my safety and child-prodding testers," she says. "If they looked like they were going to break something or get hurt, it went back."a

Inside Rebecca Minkoff's Stunning Home Makeover