The collective gasps of a million children have been heard in the streets of New York City.
Toys R Us will be closing its flagship store in the heart of Time Square and possibly moving.
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The Commercial Observer is reporting, the company didn't "exercise the option to renew" according to Brad Mendelson who is marketing the site at 1514 Broadway.
The asking price for the ground floor alone is $2,500 per square foot. Toys R Us rents 21,000 square feet on that floor.
The New York Daily News said the store moved into the building in 2000 and includes a 60-foot Ferris wheel, a life-sized, 4,000-square-foot Barbie dollhouse and a life-sized T-Rex. A spokeswoman for the mega toy store told the Commercial Observer that the lease for the location runs out next year and that "we have been reviewing our lease renewal options. We have not signed a lease agreement for a new location and any rumors regarding this ongoing process are just that."
No word on what will happen to the T-Rex and Ferris wheel when the store closes the Times Square location.