Sneaker Pawn in Harlem

Sneaker Pawn in Harlem

Posted: Updated:
NEW YORK (MYFOXNY) - A father and son team have opened a business in Harlem called Sneaker Pawn.

Troy Reed got the idea when he would take his son Chase's sneakers for collateral when he would borrow money.

Customers can pawn, sell, or buy from the store.

With seed money collected from selling tens of thousands of dollars in family owned shoes, they set up shop in May.

They are already welcoming a steady flow of customers, all with different needs. Some pawn to pay for funerals, for bail, or school books.

For those unfamiliar with the sneaker world, shoe companies release a new shoe in limited quantities for a somewhat reasonable price. The resale value of that sneaker then grows exponentially.

Here, "used" or "second-hand" often means they left a store and spent the next several years in a box in a closet.

"Hands down, this is a business model that's going to work because there's kids with millions and millions of sneakers," Troy Reed says.

So far, Sneaker Pawn's still waiting to turn a profit and looking for investors to help it grow but Reed says he knew he'd found a successful idea from the first customer he saw on the first day Sneaker Pawn opened.

"A guy brought us 60 pairs of sneakers. He actually just killed the bank that day," Reed says.

  • Local NewsLocal NewsMore>>

  • Serena Williams top seed at U.S. Open

    Serena Williams top seed at U.S. Open

    Wednesday, August 20 2014 2:55 PM EDT2014-08-20 18:55:24 GMT
    No surprise here: defending U.S. Open champion Serena Williams is the top seed at Flushing Meadows this year, the USTA announced. Williams is ranked No. 1 in the world right now. She has won the U.S. Open women's singles title five times, including the last two.
    No surprise here: defending U.S. Open champion Serena Williams is the top seed at Flushing Meadows this year, the USTA announced. Williams is ranked No. 1 in the world right now. She has won the U.S. Open women's singles title five times, including the last two.
  • Reward in probe of shooting of bald eagle in NJ

    Reward in probe of shooting of bald eagle in NJ

    Wednesday, August 20 2014 2:42 PM EDT2014-08-20 18:42:12 GMT
    Federal, state, and humane organizations are offering $7,500 in rewards in the case of the shooting of bald eagle in New Jersey. Someone shot a bald eagle in in Bridgeton City Park back in May, authorities said. The badly wounded bird was found May 20, 2014. Its wounds were so severe that it had to be euthanized.
    Federal, state, and humane organizations are offering $7,500 in rewards in the case of the shooting of bald eagle in New Jersey. Someone shot a bald eagle in in Bridgeton City Park back in May, authorities said. The badly wounded bird was found May 20, 2014. Its wounds were so severe that it had to be euthanized.
  • Utility worker pulled from truck and beaten

    Utility worker pulled from truck and beaten

    Wednesday, August 20 2014 2:41 PM EDT2014-08-20 18:41:18 GMT
    Hartford police are searching for two men who pulled a utility company worker out of a dump truck and beat him up after a traffic accident.
    Hartford police are searching for two men who pulled a utility company worker out of a dump truck and beat him up after a traffic accident.
Powered by WorldNow
Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | New Terms of Service What's new | Ad Choices