F.A.O. Schwarz closing its flagship store in New York City

Rising rents in midtown Manhattan have claimed another victim: The F.A.O. Schwarz flagship store on Fifth Avenue will close its doors on July 15.

There has been an F.A.O. Schwarz toy store in New York City for the past 145 years; Frederick August Otto Schwarz opened his first store, Schwarz Brothers Importers, in 1870, and the toy paradise was featured in a memorable scene in the 1988 movie Big. At one point, there were 40 locations across the United States, but the Fifth Avenue store is the last one remaining.

Until they find a new place to set up shop in Manhattan — The New York Times reports that the company might be looking at a basement space in an office tower at 1633 Broadway — customers will have to make their purchases online or at F.A.O. Schwarz boutiques inside of Toys "R" Us stores.

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