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InStyle fashion director Hal Rubenstein is in for a treat on Monday, June 6th when he’ll be presented with the Founder’s Award by the Council of Fashion Designers of America at the organization’s annual awards gala. With such a big honor—the highly-prestigious award is named after CFDA founder Eleanor Lambert and given to someone who has made a unique contribution to the world of fashion—InStyle decided to celebrate early with a party for Rubenstein at the Standard Hotel in New York. Padma Lakshmi, Joy Bryant, Rachel Roy, Derek Lam, Prabal Gurung, Christian Cota, and more toasted his achievement with sips of white wine and champagne. Click “See the Photos” for an insider glimpse of the festivities.

MORE: Nominees for the 2011 CFDA Awards