I think it must be. B. Shackman & Co. began selling cheap toys, costumes, and gag gifts in 1898—one of several novelty stores that popped up in the early 20th century between Union and Madison Squares.
Jeremiah has a treasure of photos of the store from 1980, before the space was taken over by Anthropologie in the 1990s.
An entire neighborhood devoted to party favors, decorations, jokes, games, and magic tricks? It made it into the 1980s, but it couldn’t possibly survive in a more luxurious city and a digital commerce world.
The Novelty District went the way of Flatiron’s former Photo District and Chelsea’s Fur District and Sewing Machine District. The Flower District on Sixth Avenue in the 20s might be next.
Gordon Novelty, with its 1930s storefront lettering and facade painted in explosive blue, was the last holdout of the Novelty District, located on Broadway and 22nd Street. [Second photo in 2007; third in 2010, from Greenwich Village Daily Photo.]
The place went down in 2007, Jeremiah reported.