US toy store FAO Schwarz is in negotiations to move it flagship shop from Fifth Avenue to Paramount Group’s office tower at New York City’s 1633 Broadway.
Next month will see the country’s oldest toy company – and setting of the iconic giant floor piano scene from the movie Big – vacate its home of 30 years due to a significant rent increase.
The Commercial Observer reports that sources with intimate knowledge of the deal have revealed that the store is now set to reopen at the base of Paramount Group’s 2.5 million square foot tower in time for Christmas 2016.
Shoppers will be able to enter the new store via a 733-square-foot glass cube and will also occupy two levels below ground.
The 15-year lease has an asking price of $4 million a year, almost a quarter of its current rent of $15.6 million a year for a 60,000 square foot space at Boston Properties’ General Motoring Building at 767 Fifth Avenue.
“Our current FAO Schwarz Fifth Avenue location will close on July 15th as we continue to look for a potential new site in Midtown Manhattan,” said a company spokesperson.
“As with our Times Square store, we have not signed a lease agreement for a new location."