Lifestyle Style Penélope Cruz Recalls Her Last Night with Karl Lagerfeld Before His Death: 'It Was Magical' The actress, who was honored at the Museum of Modern Art’s 2021 Film Benefit presented by Chanel, remembers her last moments with the late Karl Lagerfeld By Kaitlyn Frey Kaitlyn Frey Kaitlyn is a former Assistant Style & Beauty Editor at PEOPLE. People Editorial Guidelines and Mary Park Mary Park Mary S. Park is a writer-reporter at PEOPLE. She has been writing about entertainment, celebrity and lifestyle for over a decade. People Editorial Guidelines Published on December 15, 2021 12:23PM EST Photo: Pablo Cuadra/Getty Images; Bertrand Rindoff Petroff/Getty Images Penélope Cruz's final time seeing late designer Karl Lagerfeld was extra sentimental. Not long before Lagerfeld's death at the age of 85 in Feb. 2019, Cruz and the legendary fashion icon and longtime Chanel creative director shared a special moment together that she will never forget. "Actually, my last day with him was here in New York," Cruz tells PEOPLE at the 14th Annual Museum of Modern Art Film Benefit, where she was honored for her acclaimed cinematic work. "We were walking in Central Park at 12 at night and it was really magical," she adds. At the event, which was presented by Chanel and raises funds to ensure that works of film can join the MoMA collection, Cruz honored the storied fashion label by wearing a custom dress that took more than 700 hours to construct. The Chanel ambassador's gown was inspired by a look from the brand's Fall/Winter 2020/2021 collection featuring an open back in red marbled moire. She accessorized the look with Chanel shoes, jewels and a bag. Stephen Lovekin/Shutterstock Cruz, who joined the Chanel family in 2018, honored Lagerfeld by walking in the final Chanel show after the creative's passing. Though she normally sat front row at his shows, the actress hit the catwalk in a snowball-like dress with feathery bubble skirt and tiered top, carrying a white rose. "I did that when Karl left us and that was really special," she tells PEOPLE. Dominique Charriau/WireImage Penelope Cruz Joins Kristen Stewart and Margot Robbie as the Latest Chanel Brand Ambassador The actress, 47, was joined by many of Lagerfeld's muses that regularly model in his shows, including Cara Delevingne and Kaia Gerber who wore a winter-ready suit and a snowball dress, respectively, from his last collection. "They [have] incredible history and fashion. They're so talented [and] nice people," Cruz says. "I've known them since 1992. I feel very honored to be part of the brand."