Report: Toys ‘R’ Us Times Square flagship to close when lease expires

New York -- Toys "R" Us is not going to renew the lease of its Manhattan flagship, according to various reports. The lease for the massive 110,000-sq.-ft. retail space, at 1514 -1530 Broadway, between 44th and 45th Streets, is set to expire at the end of January 2016. The ground floor of the prime space, in the heart of busy Times Square and with access to Broadway, commands a whopping $2,500 per foot per year in rent, with the second and third floors costing considerably less, according to CNN Money.



The store, which opened in 1999, is a popular tourist attraction, with such crowd pleasers as a roaring, 20-ft. T-Rex dinosaur, a life-size Barbie dollhouse and, most notably, a 60-ft. Ferris wheel with themed carriages.



Toys "R" Us is not commenting on the reports. But Brad Mendelson, vice chairman of retail services at Cushman & Wakefield, the real estate firm marketing the property, told CNN Money that the retailer did not renew (the lease) subject to their option.



"That was their choice," Mendelson said. The building's owner is already talking to other retailers, he added.