Crisis Averted: FAO Schwarz Renews Its Fifth Avenue Lease

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Breathe easy, toy lovers of New York City: FAO Schwarz isn't leaving its Fifth Avenue space. Back in March, we'd heard that the iconic kiddie wonderland might lose its location next to the Apple store when its lease expires early next year. Newish landlord Boston Properties, which bought the building in 2008, had hinted that it was looking for a more profitable tenant. Now, Steve Cuozzo of the New York Post reports that the store worked out a renewal plan via arbitration. The toy store will stick around for another five years at least.
· FAO Schwarz Might Have to Pack Up Its Toys and Go [Racked NY]
· FAO Schwarz re-ups on Fifth [NYP]