The iconic FAO Schwarz toy store, a bastion of childhood wonder for New Yorkers of all ages, is closing.
The 153 year-old toy store’s parent company, Toys R Us, said Friday that FAO Schwarz’ Fifth Avenue location will close on July 15 due to increasing high rent for the 45,000 sq foot (4,180 sq meters) flagship store.
A new location is being sought, and according to several reports, Toys R Us is in negotiations to move FAO Schwarz to 1633 Broadway, a large office tower north of Times Square.
Toys R Us acquired FAO Schwarz in 2009.
In February, Toys R Us announced that it will be closing its Times Square flagship location in 2016.
