Play-time is over for FAO Schwarz, as world’s most famous toy store shuts down

Tom Hanks danced on a large floor piano there in the movie Big. Multitudes of children wandered through the aisles over the years, hopped up on sugar from the candy store and wide-eyed with delight at the giant stuffed animals and other toys. And a fair number of parents winced at some of the price tags.

FAO Schwarz on Fifth Avenue, probably the best-known toy store in the world, closed on Wednesday night.

Owner Toys R Us announced the decision in May, citing the high and rising costs of running the 45,000-square-foot retail space on the pricey avenue. Though the flagship store is closing its doors for good, it may reopen elsewhere in midtown Manhattan.

WATCH: The FAO Schwarz piano scene from 'Big'

“It’s the end of an era, it sucks. It’s a great store so it should probably remain in its original home,” said Flo Marinez, who, as a teenager, once had a sleepover inside the store.

FAO Schwarz says it is the oldest toy store in the US, with a New York City location since 1870. Reported celeb sightings — Kim Kardashian and Kanye West before they were parents; Moms Angelina Jolie, Britney Spears and Victoria Beckham — have helped fuel the fantasy since the flagship store opened in 1986. Nick Jonas stopped by and hopped around The Big Piano in December while singing Jealous.