40°44′31″N73°59′22″W / 40.74205°N 73.98945°W /40.74205; -73.98945
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TheToy Center, also known as theInternational Toy Center, is a complex of buildings in theFlatiron District ofManhattan,New York City, that for many years was a hub for toy manufacturers and distributors in the United States. It includes two buildings located between23rd Street and25th Street across fromMadison Square, whereFifth Avenue andBroadway cross. TheAmerican International Toy Fair, the industry's major annualtrade show, is held annually in February at both the Toy Center and theJavits Center on34th Street. The building also serves as the corporateheadquarters ofluxury retailerTiffany & Co.
The original building, at 200 Fifth Avenue, was constructed on the site of what had been theFifth Avenue Hotel, which was completed in 1859 and was demolished in 1908.[1]
The 16-story building was completed in 1909 and was originally known as theFifth Avenue Building, which name is on the landmarkstreet clock outside the front entrance, and the interlocked initials "F.A.B." were still in the building's elevators in 2003.[2][3] The architect wasRobert Maynicke. An ornate cast-iron street clock outside the main entrance, built byHecla Iron Works in 1909, became aNew York City designated landmark in 1981.[4]
The building became a center for the toy industry duringWorld War I, following restrictions on imports from the then-traditional European manufacturers. From 1910 to 1927, theBoy Scouts of America National Headquarters was located in the building.[5][6]
A second 16-story building at 1107Broadway was acquired in 1967, and a pedestrian bridge over 24th Street, connecting the two buildings at the ninth floor, was constructed the following year.[7][8] Most of the industry's major companies had moved in byWorld War II, and building managerHelmsley-Spear restricted new leases exclusively to toy companies starting in the 1960s.[7]
By 1981, the complex covered 1,000,000 square feet (93,000 m2) of leasable space, with its 600 tenants accounting for 95% of toy transactions in the United States that year, amounting to $4 billion (equivalent to $13.8 billion in 2024).[7] The American International Toy Fair, held jointly at the Toy Center and at the Javits Center in February, brought up to 10,000 buyers from the United States and around the world.[7]
In early 2005, the building complex was sold by the Malkin family for $355 million to theChetrit Group.[9] In April 2007, L&L Holding Company bought 200 Fifth Avenue for $500 million.[10] Tenants at the building now includeGrey Global Group,Tiffany & Co., andEataly.[11][12][13]
In October 2007, the Chetrit Group sold the 1107 Broadway part of the complex to developer Yitzchak Tessler for $235 million.Lehman Brothers provided a $136.8 million to finance the purchase of the property.[14] Tesslar then announced plans to convert the building into luxury condos.[15]
In October 2008, shortly after the Lehman Brothers bankruptcy, their loan to Tesslar came due, however he failed to refinance the project and the building remained largely vacant and undeveloped. In December 2009, land research firm Real Capital Analytic added the building to their list of troubled assets.[16] Tesslar claimed that he failed to refinance because Lehman Brothers "did not fulfill their pre-construction obligation."[17] Lehman Brothers Holding Co. filed a suit against Tesslar in 2010 and threatened foreclosure, however all litigation was eventually dropped after Tesslar settled with the bankrupt company, and the property ended up in Lehman's commercial real estate portfolio. Lehman then held an auction for the building in June 2011. A group of investors led by theWitkoff Group won the auction, purchasing the property for $191 million.[18]
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