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Rumors have swirled about the uncertain future of FAO Schwarz for a while now, but finally, things are starting to make sense: The toy behemoth could be moving to the epicenter of NYC family vacations, Times Square.
Since FAO has already been confirmed to take up a chunk of American Dreams Meadowland, that forthcoming New Jersey megamall, it was assumed that they'd be packing up their current 64,000-square-foot space at the GM Building, but Crain's reports that negotiations are underway for the basement of 1633 Broadway, an office tower just north of Times Square.
Though FAO's lease isn't up until 2017, an executive of Boston Properties, which owns the GM Building, said, "It's possible that we may be able to work with FAO to expedite this transition sooner than the expiration of their lease."