Racked is no longer publishing. Thank you to everyone who read our work over the years. The archives will remain available here; for new stories, head over to Vox.com, where our staff is covering consumer culture for The Goods by Vox. You can also see what we’re up to by signing up here.
Iconic toy store FAO Schwarz sits on some incredibly desirable real estate, sharing a plaza with the Apple flagship on 58th and Fifth just across the street from Central Park. So it's perhaps not a huge surprise that their landlords, Boston Properties, don't seem wildly enthusiastic about extending their lease on the space.
Back in 2008, right after Boston Properties bought the building, the company president said that FAO “will probably not be the most economically viable potential tenant we have for that space over time." FAO's lease is set to expire next year, and according to Crain's sources, the store and its landlords are in arbitration over the rent. We can't imagine that corner of the park without FAO Schwarz, but given how expensive Fifth Avenue has gotten over the past few years, it's possible that the giant piano will be playing the blues before long.
· FAO Schwarz fights to extend GM lease [Crain's]
· FAO Schwarz May Have To Move [The Shophound]