Guests included Kanye West and his ambisexual arm candy Amber Rose, Mischa Barton (looking better!), old school legend Fab Five Freddy, the musical Hanson brothers, designers Anna Sui, Betsey Johnson, Cynthia Rowley, Isaac Mizrahi and Nicole Miller, DJ/producer Mark Ronson and stylist Phillip Bloch.
Founder and co-editor David Herskovits told StyleList the magazine's message was: "Move to New York! For young people reading Paper, do what you love and don't give up on your dreams."
Paper is famous for its characters, including co-editor Kim Hastreiter and it's fabulously off-beat style maven, "Mr. Mickey" Boardman, who rocked a sequin suit for the occasion.
"Everyone was doing drugs off their desks. And in the old building, the rats! I can remember one time Mickey was interviewing a receptionist, and while he was talking to her he was literally clubbing a rat to death with his shoe."
Another former employee was there scanning the crowd for an old friend. "During my time at the magazine there was this stuttering copy editor who used to sell us heroine," he said, with a look of fondness." I wonder if she's here?"