Suchman said the store appeared permanently closed and had a "For Rent" sign in the window.
"When I saw this toy store, I just realized I could do it on a grander scale," Suchman told NY1 of her holiday gift-giving.
"The toys in there looked so sad, and they were gathering dust," she told CBS MoneyWatch. "It occurred to me we should bring those toys to where they should be going -- to all the homeless kids in the city."
Suchman said she was able to get into contact with the owner of Hudson Party Store.
"We talked and negotiated and bought the entire toy store," she said.
Suchman said she packed up the store's inventory, including both toys and school supplies, and took it to the New York City Department of Homeless Services.
"I've been doing this for many years and we have many generous sponsors -- people do toy drives and do a lot of giving -- but I have to say, that this is the first time anybody ever bought out an entire store and donated to the children of shelters," said Antonio Rodriquez, director of special events at DHS.
Suchman, who used to own a successful technology firm with her husband, said she makes it an annual tradition to donate gifts to children in need.
"Children is always my focus," she said. "So that's why, a lot of foster kids get a lot of used things and I realized a lot of them never had a birthday gift that they actually wanted."
Suchman said she usually makes her donations anonymously, but she is speaking about her toy store purchase in the hopes of inspiring others to give.