Stereo Exchange auction in Manhattan - March 22nd

swechsler

swechsler

Frog Whisperer
Haven't decided whether or not I'm going to go to this (it's a work day after all, and I'd have to take the subway there and back), but thought others might want to know about it (also, chances are that even at auction prices, most or all of the equipment would be out of my range). If any other AK members might be going, post here and maybe we can meet up.

Inspection is at 10AM.
Auction starts at 11.
Info is here

The website's photo viewer appears broken; this Craigslist ad has the pictures (smaller, but easier to view)

AUCTION LOCATION:
627 Broadway, New York, NY 10012
(Between Houston St. & Bleeker St.)

No affiliation.
 
Interesting, an auction of the remnants of the Stereo Exchange but they are supposedly moving to a new location. Seems this auction is by the landlord and the pics show a few piles of gear. Wonder if these are pieces that have little value and take up space since they will probably sell cheap. Or if there will be some aggressive bidding and someone cleans up inventory for near retail? Does look like some old inventory, a 2005-2007 model plasma and who knows what else.

Why is the landlord or a relocating dealer auctioning off stuff that might do well in the new store? But then there are those spools of wire that take up a lot of space and might not be needed in the new place. That BDI in boxes, what furniture is that, does one box complete the unit or would one be buying a lot with 3 of the four boxes needed for the complete unit.

I'd say the one hour inspection would need to be used wisely. Probably some good deals and some that won't be.
 
It does say "by order of landlord", but Stereo Exchange is currently still open and is running a pre-auction, pre-moving sale, so they're probably being forced out of their location rather than the landlord having taken possession of the equipment and premises. Since the auction appears to be with the involvement of Stereo Exchange, I wonder if the good stuff will have a reserve and they'll just pack it up and store it somewhere until they have a new location, if it doesn't sell for their minimum.
 
According soemone I know, most major stores will be at the end of tehir lease in NYC shortly. Most, if not all will have a challnge to continue a profitable business according to the story.
 
sancho22 said:
According soemone I know, most major stores will be at the end of tehir lease in NYC shortly. Most, if not all will have a challnge to continue a profitable business according to the story.
Click to expand...
That suggests either a conspiracy or a huge coincidence (plus, I know for a fact, that in Times Square, at least (the area where I work), some new stores have just started their leases. I'd love to see the source for this information.

Tcomisky said:
I didn't know they were going out of business.. been there many times
Click to expand...
Their website is calling it a "moving sale", although they obviously don't have a new location yet or they would have published it. Or it could be like those "closed for renovations" signs you see on restaurants - ever notice that restaurants never "go out of business", they just close for renovations?
 
There's also the CASH / Cashiers Check thing. I know there will be ebay resellers from the NYC area who will attend to try stock some inventory. Stereo Exchange obviously has something strange going on. If they knew they were in bad spot with the landlord they could have taken all sorts of action to prevent losing their inventory. If they were moving and didn't want to travel HEAVY they could have hacked and slashed to sell through but instead they had a list of gear that didn't inspire many to open their wallets.

Then there's the Stereo exchange ebay store which was operated separately from the store despite harnessing the recognition of their brand's name. It too seems to be dying.

So something is going on there. Maybe they're really done and are just in Denial. So was Studio 54, and CBGB right up until the day that they shut their doors for good.

I will say I had a blast checking out that store as a Kid. Stereo Exchange and Rabson's were always on my "someday maybe' list of stores to window shop at. SE was where I first saw and heard the B&W Nautilus in person and the First Sony CD player demo was at Rabsons. Great memories indeed. Apparently I've had a bug for this audio stuff since I was knee high to a boll weevil :)
 
I only became aware of S/E's existence through eBay listings of McIntosh that appear from time to time.

What I find puzzling is how did liquidation come to be ordered by the landlord? Assuming there are no rents or other past due financial obligations of the tenant, a landlord has no right to order the sale of the tenant's property - except that it must be removed from the premises by such-and-such date etc.
 
The catalog is up. Many of the descriptions are very vague, although actual components are identified.
 
I didn't go because I didn't want to see the place being sold by the lots. I suppose I have a protected memory of how I want to remember it, so no to an auction.
I'll see the new shop when it opens instead.
 
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I considered going, but it would have cost $45 in train fare plus $5 parking, and you can't pick up stuff until tomorrow - which means driving in and paying $40 for parking.
 
It wasn't a repossess situation. They gave up the space. They've been having a fire sale of sorts for a couple months. It was a huge space that they had had for decades. Prime real estate there. I believe they are done.
 
I thought they were moving. I'm pretty sure the emails i was getting said moving, though didn't say where.
 
Yes, they moved. The move is into an 2500sq ft loft apartment about 5 blocks away. Third floor. It's an assumption, but it certainly doesn't look like a retail operation to me. Too bad. I liked dropping in to see what was new and audition gear. Purchased a few pairs of speakers from them over the years.

From their email:

MOVING:

- END OF MARCH -
62 COOPER SQUARE APT 3A

You can continue to call us at our same number:
212-505-1111
 
Actually, Andy SInger did pretty much the same thing. His rent on 16th Street was $20,000 a month, and then his lease expired, so he started selling out of his apartment. Eventually, he ended up in a second floor retail space, very similar to the one he first had when he started the business in the early 80s.
 
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