The clock is ticking for venerable toy store FAO Schwarz (which must be on its seventh or eighth life by now) at its GM Building location, where the tourist magnet has been located since 1986. Lois Weiss reports that the massive three-floor retail space is being shopped around for when FAO's lease expires in 2012. Word on the street is that FAO pays around $70-per-square-foot for half its 66,465sf store, whereas rents along Fifth Avenue in that stretch average a mind-boggling $1,531/foot. Will they be able to find a suitcase big enough for that giant electric keyboard? [NYPost]
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