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FAO Schwarz Will Not Relocate To Times Square —Remains Storeless

1633BwayIt seemed like such a tidy plan.
FAO Schwarz, the legendary luxury toy store finally forced out of its Fifth Avenue home as a result of skyrocketing rents would build a new flagship across town near Times Square in an Apple Store like underground space with a splashy entry pavilion on Broadway between 50th and 51st Streets to be ready, hopefully, around Holiday season of next year.
It turns out that the plan was just a little bit too tidy as reports surfaced over the weekend that the deal has fallen through just a week before it was to be finalized, leaving the beloved retailer without a brick-and-mortar retail outlet for the foreseeable future. The 40,000 square foot space will still be developed, and is reportedly on the market with a $4 million rent. Compounding the issue, FAO Schwarz's parent company, Toys 'R' Us will also be closing its flagship in Times Square next year without designating a replacement site in the city. As New York's toy shoppers wring their hands, we all wait breathlessly to find out the fate of these stores. Stay tuned.

FAO Schwarz Deal Goes Bust at 1633 Bway (NYObserver)
Reportedly: FAO Schwarz ThisClose To Signing A Times Square Lease


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