FAO Schwarz Has Been Resurrected Just in Time for the Holidays. See What the Iconic Toy Store Looks Like Now By Jennifer Calfas That Big piano is back. FAO Schwarz has returned to New York City with the opening of a new flagship location just ahead of the holiday season. The high-end toy brand opened its doors Friday, November 16, in Manhattan — three years after it shuttered its iconic Fifth Avenue location.