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Good news, kids! FAO Schwarz isn’t going anywhere—just a few blocks south. Earlier this month, news broke out that the iconic toy store will be leaving it’s home of nearly 30 years on Fifth Avenue come July 15 due to a significant rent increase.
But don’t weep just yet, toy lovers: Commercial Observer reports that there is a new store slated to open at the base of Paramount Group’s 2.5-million-square-foot office tower at 1633 Broadway, just in time for Christmas 2016.
The bad news? Looks like the new storefront will be cutting its space by a third, but good news for FAO Schwarz—the company will be slashing it’s rent from $15.6 million down to $4 million.
CO reports that “shoppers will enter the new store via a 733-square-foot Apple-inspired glass cube in a public plaza on West 51st St,” which will lead to two more shopping floors underground—a coincidental twist since Apple plans to move out from its glass cube on Fifth Avenue (temporarily) and into the FAO Schwarz space next door for renovations.