Monday, May 28, 2007

Goodbye, Gotham Book Mart


Ron Silliman notes on his blog that the Gotham Book Mart in Manhattan is no longer in business.

What a sad day.

Here's link to the story in the New York Times:

Gotham Book Mart

Someone in the article asks "Where were the poets?"

My guess is that not a lot of poets had $400,000+ to beat the landlord's bid on the stock. Or $1,000 to deposit for the right to attend the auction.

3 Comments:

Blogger Talia said...

I don't know much about this kind of thing, but perhaps the new owner will simply be the new owner?

8:40 PM  
Blogger greg rappleye said...

Talia:

No, the "new owner" is actually the old landlord. The bookstore owed something like $500,000-600,000 in back rent and the store had been closed for a number of months. The landlord simply bid $400,000 of back rent (i.e., nothing--something that had already been booked as a loss) against the entire stock of the bookstore--which had a lot of signed originals, old prints, etc.

When that stock is broken down into smaller parts, properly inventoried, etc., the speculation is that it will be sold for a substantial profit.

5:39 AM  
Blogger Talia said...

Oh, I see.

7:25 AM  

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