The country's oldest toy retailer, FAO Schwarz, is not shuttering for good; it's merely leaving behind its location of 30 years in the General Motors Building at 767 Fifth Avenue due towhat elserising rents. Commercial Observer reports that the beloved toy store is "in serious negotiations" to move its flagship to a smaller two-floor subterranean space at the base of 1633 Broadway in Midtown that's accessed via a 733-square-foot Apple Store-inspired glass cube. Should the toy store move to the location at the corner of 51st Street, the new 15-year lease would be set at $4 million a year, which is a minor sum compared to the store's current yearly lease of $15.6 million. Although the rumored location is about one-third smaller, it still covers 40,000 square feetnow that's a lot of GoldieBlox and LEGOs.
The retailer will vacate its current location on July 15 and plans to reopen before the 2016 holiday shopping season, although they have yet to sign a lease. As tech gadgets are the 21st century equivalent of giant piano mats, it only makes sense that Apple will temporarily move into FAO Schwarz's vacated space as its Fifth Avenue flagship is renovated.
· FAO Schwarz Wrapping Up Negotiations for Xmas 2016 Opening in Times Square [CO]
· All FAO Schwarz coverage [Curbed]