News Iconic FAO Schwarz store on Fifth Avenue to close its doors FAO Schwarz is closing its iconic Fifth Avenue store. Photo Credit: Flickr/Rob Young By NINA RUGGIERO May 16, 2015 11:20 AM Print Share fbShare Tweet gShare Email Hey, Tom Hanks, you may want to get in one last dance on that giant floor piano. Iconic toy store FAO Schwarz, a Fifth Avenue fixture since 1931, announced Friday it will close its doors July 15, because -- you guessed it -- the rent is too damn high. The oldest toy store in the U.S., FAO Schwarz has been in New York City since 1870. It moved to Fifth Avenue in 1931 and to its current 45,000-square-foot store in 1986. But, not to worry, if all goes as planned you'll be able to hug 4-foot-tall stuffed animals and play with train sets elsewhere, because owners Toys R Us say they are actively looking for a new midtown location. By NINA RUGGIERO Share on Facebook Share on Twitter Comments Comments section is temporarily on hold. Here’s why.