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Market Report: Sell Leather, Buy Brownstone

Footnoted, a blog about stuff buried in Securities and Exchange Commission filings (stay with us), directs us to this form 4 (stay with us), in which Coach prexy Reed Krakoff explains his sale of 69,382 shares of company stock (at $33.89 per, for a gross of $2.35 million) thusly:

Explanation of Responses: 1. The cash proceeds from these sales (net of income tax) will be applied toward the purchase price of a significant townhouse property in New York City that will be used by Mr. Krakoff as his primary residence.
Quips Footnoted, "It’s hard to imagine being able to find any townhouse — let alone a significant one — for that kind of money. So maybe it’s just the down payment. Or the decorating bill."
· Cashing In... [Footnoted]