Toy store FAO Schwarz will be vacating its iconic 5th Avenue location by the end of July due to rising rents.

FAO Schwarz Leaving 5th Ave

FAO Schwarz owner Toys “R” Us announced that it would be shuttering the doors on the address in a statement Friday.

“The company is committed to the FAO Schwarz brand and growing its legacy,” Linda Connors, a spokesperson for Toys “R” Us, told Bloomberg. “While we are sad to say goodbye to our current location, we are excited about the opportunity to create a new flagship location in New York City that will no doubt delight generations of children to come.”

FAO Schwarz is currently located near the south east corner of Central Park and across the street from the Plaza Hotel. Toys “R” Us Inc. is hoping to find a new location for an FAO Schwarz retail outlet elsewhere in Manhattan that could potentially open in late 2016.

The FAO Schwarz brand, which has been around for 153 years, will not have a retail outlet from the time the 5th Ave store closes until a new store opens in the city. In the meantime, FAO Schwarz branded toys will continue to be sold at Toys “R” Us locations and online.

The current FAO Schwarz location opened nearly three decades ago after stores had opened and closed around Manhattan, most notably in Union Square. The 5th Ave. location became famous in 1988 when it featured prominently in the movie Big, in which Tom Hanks danced a tune on a massive toy piano.

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