White nights: cocaine is fast regaining its status as the party drug of choice for the young and fabulous.(EYE)

It's four o'clock in the morning, and the party is still going strong at a fashion designer's downtown loft. A leggy It girl in a minidress is bopping to the music like a pogo stick, a fashion heiress is smoking cigarettes on the balcony with her Los Angeles friends, and a blond supermodel and a rock-star wife are chatting with a European prince. But the real action is in the dark back office, where several women in frothy floor-length gowns and gentlemen in tuxedos are huddled around a desk. Pushing aside a computer keyboard, one man casually dumps about half a gram of cocaine onto the table and, using a nearby business card, chops up the teaspoon of powder into several…