Iconic toy store FAO Schwarz is in serious negotiations to move its flagship from Fifth Avenue to a smaller, sleek space in the Crossroads of the World, Commercial Observer has learned.
On July 15, the oldest toy company in the country will be vacating the General Motors Building at 767 Fifth Avenue—its home for nearly 30 years—due to a significant rent increase, the company has said. Sources with intimate knowledge of the deal told CO that the new store is slated to open at the base of Paramount Group‘s 2.5-million-square-foot office tower at 1633 Broadway between West 50th and West 51st Streets, just in time for the 2016 Christmas season.
In an unprecedented deal that reached upwards of $200 per square foot, Itaú BBA USA Securities Inc., a branch of the Brazilian Banco Itaú, will increase its operation from 25,000 square feet to 35,000 square feet on the prized 50th floor of 767 Fifth Avenue.
With outstanding views of the Central Park and Midtown, the floor plates at the 50-story tower, otherwise known as the General Motors Building, span 40,000 square feet, leaving a mere 5,000-square-foot office to share the view, brokers said.
The 50-story General Motors Building at 767 Fifth Avenue is among the most sought-after properties in New York. It’s the rare building that takes up an entire city block, situated across from the Plaza and Central Park and bounded by Fifth and Madison Avenues, in one of the top shopping districts on the planet.
Cushman & Wakefield is currently marketing a 6,514-square-foot ground-floor retail space that was made available when CBS moved its morning show’s studio to Hell’s Kitchen last summer. Prospective tenants can count on blockbuster neighbors like the Apple Store and, also in 767 Fifth Avenue, FAO Schwarz to reel customers in to a tall, airy space.
C&W Senior Director Steven Soutendijk reviewed the plan with The Commercial Observer and discussed, what exactly, the space has to offer.