Two of New York’s most iconic toy store brands aren’t playing around.
FAO Schwarz and Toys “R” Us are in negotiations to open a co-branded store at the Brill Building, the New York Observer reported.
Toys “R” Us, which bought the FAO Schwarz brand in 2009, earlier this year chose not to renew its lease at its flagship location in Times Square. FAO Shwarz left its own previous location at Boston Properties’ GM building in July.
The Brill Building at 1619 Broadway in Midtown, once a major center of American pop music, is in contract to be sold to a partnership between Ilan Bracha’s B+B Capital, Fox-Wizel, Conway Capital, Schottenstein Realty. The current owner is also a partnership, between Brickman and Allied Partners.
The 11-story, 175,000-square-foot building has 50,000 square feet of commercial space on its lower floors. Asking rent on ground floor is between $700 and $800 per square foot. It’s $150 per square foot on the second and third floors, and $100 per square foot in the basement, a source told the Observer. [Observer] – Ariel Stulberg