Cashing in…

This form 4 filed by Coach (COH) president and executive creative director Reed Krakoff earlier today is one indication that Manhattan real estate may be more valuable than Coach stock, at least over the near-term. According to the filing, Krakoff sold 69,382 shares @ $33.89 on Friday to pay for a “significant townhouse in NYC” that the filing notes will be used as his primary residence. It’s not clear from the filing how much Krakoff paid for the shares, but the sale did winnow his direct holdings in Coach down to under 24,000 shares.

Then again, with the average two bedroom apartment running around $1 million, $2.35 million doesn’t buy that much in New York these days. 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.