Iconic toy store FAO Schwarz is set to close its doors today after operating in Manhattan for more than 150 years.
The toy store has been at the 65,000-square-foot space at Boston Properties’ GM Building at 767 Fifth Avenue for 30 years, according to Bloomberg. Due to rising rents, parent company Toys “R” Us decided to close the store rather than renew the lease.
FAO Schwarz is hoping to re-open on the island. The store, which got the spotlight in the piano scene in the 1988 Tom Hanks film “Big,” has reportedly been in talks to open up at Paramount Group’s 1633 Broadway in Times Square. Meanwhile, it’ll be the first time in more than 150 years that the store won’t have any retail presence in the city.
Toys by the FAO brand will be sold at Toys “R” Us stores and online. [Bloomberg] — Claire Moses