In 1931, the New York City location moved to 745 Fifth Avenue, where it operated for 55 years. In 1963, FAO Schwarz was purchased by "Parent's" Magazine Enterprises. The terms of the deal read that it would license the name FAO Schwarz and continue using it for a maximum of five years before dropping the name, while still paying the Schwarz family a royalty on sales. However, the lease was renewed as the owners felt the name was too significant to lose. Part of the price of keeping the name was to keep the royalty agreement, and the Schwarz family set up a foundation to fund opportunities for young people to work in nonprofit with the income the royalties were making. Nine percent of the company remained in the hands of the Schwarz family. The company subsequently sold to W.R. Grace in 1970, and then to toy retailer Franz Carl Weber of Zurich, Switzerland, in 1974.