There is one day left on the ferris wheel for New Yorkers and tourists alike — as the Toys “R” Us in Times Square is slated to shut its doors for good on Wednesday.
Toys “R” Us Corporate confirmed the Dec. 30 closing of its flagship store at 1514 Broadway in a statement, which said the company decided to not exercise its option to renew the lease at the location — which expires in January.
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“We have not signed a lease agreement for a new flagship location at this time, but we are actively searching for another location in Manhattan. The process is ongoing,” the statement said.
Toys “R” Us opened its flagship store at the 101,00-square-foot location in 2001 and featured unique items such as a 60-foot ferris wheel, 20-foot high T.rex and a 20-foot Lego model of the Empire State Building — items whose next location is still in question, New York YIMBY reported.
“In regards to the Ferris wheel, we are still in the process of identifying any future use,” Toys “R” Us Corporate said in a statement.
According to Fortune, the toy store decided to not renew its lease due to rent at the site reportedly doubling in the last 15 years.
Gap has signed the lease for the prime four-leveled Times Square spot and plans to divide the location into two for its Gap and Old Navy stores, Fortune reported in June.
Although the Times Square location will be closing, the company wants New Yorkers to know that there are “several Toys 'R' Us/Babies 'R' Us stores [that] continue to operate in the New York City area, including Babies 'R' Us, Union Square.” There are also 17 other locations that serve the Greater New York City area.
Wednesday’s closing of Toy “R” Us’ flagship store will be the second major closing the company has seen this year alone.
On July 15, FAO Schwarz — which is owned by Toys “R” Us — said goodbye to customers as it shut the doors of its Fifth Avenue location. FAO Schwarz first opened in the city in 1870 and was at its last location for the past 30 years.