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 / Updated  / Source: Reuters

FAO Schwarz, the oldest toy store in the United States and a retailer once considered accessible only to the rich, is closing its much-loved Fifth Avenue flagship store in Manhattan, citing rising rent prices.

The three-level, 45,000 square foot space is a popular tourist destination and has made cameos in multiple movies, including Woody Allen's 1995 film "Mighty Aphrodite" and the 1988 movie "Big" starring Tom Hanks.

The store, positioned along a stretch of Fifth Avenue that is home to some of the world's most luxurious retailers, will formally shut its doors on July 15, taking an early exit from its lease.

"The decision to vacate this space is due to the continuing rising costs of operating a retail location on Fifth Avenue in New York City," FAO Schwarz said in a statement released on Friday.

FAO Schwarz, which was acquired by Toys "R" Us Inc. in 2009, is actively looking for a new space in Midtown Manhattan to reopen its flagship store, it said.

The FAO Schwarz toy store on Fifth Avenue in New York City, in this file photo taken May 28, 2009. FAO Schwarz, the oldest toy store in the United States and a retailer once considered accessible only to the rich, is closing its much-loved Fifth Avenue flagship store in Manhattan, citing rising rent prices.MIKE SEGAR / Reuters

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— Reuters