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FAO Schwarz Considers Leaving Iconic Fifth Ave. Store

FAO Schwarz may vacate its iconic flagship toy store on Manhattan’s Fifth Avenue after almost three decades at the location, according to real estate brokers.

Toys “R” Us Inc., FAO Schwarz’s Wayne, New Jersey-based parent company, hired CBRE Group Inc. to market about 60,000 square feet (5,600 square meters) at the base of the General Motors Building for sublease, brokers from two competing firms said today. The store, a tourist magnet on one of the world’s priciest retail corridors, has been home to the retailer since it moved from across the street in 1986.