This place has a little of everything from tourist post cards and magnets to stationary and books. Of course they also have the obligatory newspapers--what kind of name would that be if they didn't?
What's nice about this shop is that they have the local papers, the New York Times, the Wall Street Journal, as well as a few international papers. At the back of the shop they have a nice selection of magazines that also include international titles.
They also stay open a little later than the rest of the shops on the Island--I think they close at 10pm so it's a nice place to browse if you happen to have dinner at one of the restaurants near by.