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RackedWire: Hip-Hop Auction in MePa; Gristedes Renovating in Union Square

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MEATPACKING DISTRICT—This sounds kind of amazing: This fall, the auction house Phillips de Pury & Company will hold the country's first-ever hip-hop jewelry auction. According to Flypaper, the blog for online retailer Bluefly, "'Hip Hop's Crown Jewels' will include in the sale iconic pieces like Biz Markie's black and white diamond headphones pendant, MC Lyte's Nefertiti ring and necklace (from her 'ChaCha' video), Slick Rick's multicolor diamond-set eye patch, and Notorious BIG's first prized possession, his yellow gold and stainless steel Rolex." The event takes place October 1 at 450 West 15th Street. [Flypaper]

UNION SQUARE—The Gristedes on 14th Street between Fifth and Sixth Avenue has shuttered, but only temporarily, according to a spokesman for the company. The space isn't large enough to really count as a supermarket, but it's too small to be a "7/11-type operation," he explained; also, "the area is tricky." (We take that to mean Whole Foods put a dent in the local market, but we could be wrong.) Until the company chooses from one of several remodeling plans, the store will remain closed, but ultimately it will indeed re-open as some kind of food-vending operation. [RackedWire]