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FAO Schwarz Closing its Fifth Avenue Store in July Due to 'Rising Costs'

By Ben Fractenberg | May 15, 2015 6:39pm | Updated on May 18, 2015 8:48am
 FAO Schwarz is closing its Fifth Avenue location on July 15.
FAO Schwarz is closing its Fifth Avenue location on July 15.
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DNAinfo/Julie Shapiro

MANHATTAN — Manhattan toy store FAO Schwarz is getting priced out of its famed home across from the Plaza Hotel and will close July 15, owners confirmed.

“The decision to vacate this space is due to the continuing rising costs of operating a retail location on Fifth Avenue in New York City,” a spokeswoman for Toys “R” Us, which purchased FAO Schwarz in 2009, said in an email.

“The company is committed to the FAO Schwarz brand and growing its legacy. In fact, it is actively searching for another location in midtown Manhattan where FAO Schwarz can welcome shoppers from around the world.”

FAO Schwarz touts itself as the oldest toy store in the United States, having been in business for more than 150 years.

The first FAO Schwarz location opened in Union Square in 1880.

It moved into its current Fifth Avenue home in 1986.  

The Fifth Avenue location was famously featured in the movie “Big” in 1988 when Tom Hanks danced on the store's giant floor piano.

The lease does not expire until 2017, but the company has decided to make an early exit to “realize meaningful rent savings.”