MARY ALTAFFER/ASSOCIATED PRESS
Toys R Us will be leaving its 110,000-square-foot Times Square location next February.
Times Square’s Toys R Us will B moving.
The toy chain’s 110,000-square-foot flagship store in Times Square has been priced out of the prime real estate it has rented since 2000, the Commercial Observer reported.
The paper reported the kid kingdom might move to another neighborhood or to the base of the Marriott Marquis hotel, only a couple blocks from its current location, but no plans have been confirmed.
“We have not signed a lease agreement for a new location and any rumors regarding this ongoing process are just that,” a Toys R Us spokesman said in a statement.
Rent for the building on 1514 Broadway, between between W. 44th and W. 45th Sts., is now $2,500 per square feet on the ground floor, $350 per foot on the second floor and $150 per foot on the lower level, broker Brad Mendelson told the Commercial Observer.
“We could never get that from any one tenant,” said Mendelson, of the Cushman & Wakefield firm.
FRANK FRANKLIN II/ASSOCIATED PRESS
The massive toy store features a 60-foot indoor Ferris wheel.
He said it’s likely the Toys R Us space, which features a 60-foot Ferris wheel and 4,000-square-foot Barbie dollhouse, will be divided up for several new retailers.
The big-ticket building is also home to a Starbucks, Foot Locker, Swatch and Bond 45, all of which have their leases expiring next February, too.
There has been no word yet on whether the store’s workforce will be downsized for the move.
The company, which is headquartered in Wayne, N.J., saw a sales decline of 4.5% in its most recent quarter for U.S. stores.