Walter Goldwater first opened the University Place Book Shop in 1932. He financed the Shop, situated in a loft at 821 Broadway at 12th Street, with the help of a six hundred dollar loan from "a Communist uncle by marriage." Goldwater specialized in African and African American literature, as well as old and rare books. As proprietor of University Place, Goldwater became part of the vibrant community of booksellers whose shops crowded Fourth Avenue from 9th to 14th Streets.

Walter Goldwater was a founding member of Antiquarian Booksellers Association of America and spent much of his time in search of rare books. He married another bookseller, Eleanor Lowenstein, who specialized in rare cookbooks at her Corner Book Shop. Together, the Goldwaters traveled extensively in Europe, looking for stock for their respective shops. Walter Goldwater also maintained a web of contacts throughout Africa and the Caribbean who would send him books not readily accessible in the United States.

Initially catering to a specialized, left-wing audience, Goldwater's sales expanded during the later 1960s and 1970s as research universities developed their Black and Afro American Studies holdings. The University Place Book Shop became a key source of material on African, African American, and Caribbean literature for institutions including Yale and Columbia. Walter Goldwater also helped to broker the sale of many manuscripts and collections relating to labor and Left to NYU's Tamiment Library.

Along with African and Caribbean literature, the University Place Book Shop also offered literature on chess due to Goldwater's personal devotion to the game. At the time of his death, in 1985, Goldwater was the president of the Marshall Chess Club in Greenwich Village. He also helped to organize and promote chess tournaments in Harlem during the 1970s.

Goldwater willed University Place to a friend and employee, William French, who ran the Shop until 1988.