FAO Schwarz, one of the last classic stores in NYC, will vacate its iconic Fifth Avenue store in July, thanks to rising rents.

The 145-year-old company has had its 45,000 square foot flagship in the General Motors Building since 1986, having first opened in Manhattan at 765 Broadway in 1870. The company had about 40 boutiques countrywide, but the Fifth Ave store, which will shutter on July 15th, is the only one left.

FAO Schwarz, which is now owned by Toys 'R Us, is reportedly looking for new space, and the Times says the company has been eyeing a spot at 1633 Broadway, though no deal has been made.

News of the FAO Schwarz flagship's demise comes on the heels of Toys 'R Us's announcement that their 110,000 square foot Times Square store would be leaving its space by next year. Apparently, toy stores have been struggling of late thanks to the proliferation of i-Gadgets and discount online retailers like Amazon.

FAO Schwarz's Fifth Ave store went through a disappointing remodel in 2001 and lost a lot of its magic once it was taken over and sanitized by Toys 'R Us. But once upon a time, the shop was essentially a slightly-smaller Disney World (or so it seemed to this '90s child), boasting everything from a singing clock, a stuffed animal jungle, Barbie shoe lava lamp, and talking elevator.

And of course: