The 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: LINK