No deal for FAO Schwarz. The now homeless toy store was just a week away from closing on a new space at Paramount Group’s 2.5-million-square-foot office tower at 1633 Broadway, before it all fell apart.
A source close to the negotiations told the New York Observer that the 40,000-square-foot space at 1633 Broadway has returned to the market with an asking price of $4 million.
Last month, FAO Schwarz left its longtime home in the General Motors Building at 767 Fifth Avenue. It isn’t yet clear why the lease deal fell apart. [NYO] – Christopher Cameron