The dance-on piano, immortalized by Tom Hanks in the movie “Big,” is back. So are the toy soldiers in towering black hats and the theme song “Welcome to Our World of Toys.” There is even a flagship store in New York.

F.A.O. Schwarz, the famed toy seller that closed three years ago, has been reincarnated. But it isn’t the same.

The new owner, ThreeSixty, a private equi ty-backed company, wants to avoid the problems that befell its previous owners. The large network of stores. The vast supply of toys that can be hot one moment and cold the next.