The Real Deal New York

Times Square Toys R Us to close today

Retailer still searching for a new Manhattan location

December 30, 2015 11:30AM

Toys R Us Times Square

Toys R Us store at 1514 Broadway in Times Square

The day has come. Toys R Us, that Times Square landmark, is set to closed its doors today.

The toy retailer will leave behind its 110,000-square-foot flagship store at Charles Moss’ 1514 Broadway at West 44th Street, with representatives citing rising rents.

The company decided in February not to renew its lease. The owner then made plans to divide the space and rent each level separately, Cushman & Wakefield’s Brad Mendelson told DNAinfo.

Asking rent for the building’s ground floor was to be set at $2,500 per square foot, with $350 per square foot asked for the second floor and $150 per square foot for the below-grade level.

Gap Inc. will take over the space, with plans to operate a Gap and Old Navy store there.

Toys R Us is “actively searching” for a new location in Manhattan, a spokesperson told DNAinfo. [DNAinfo]Ariel Stulberg