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>>

  • 1 tube of Lincoln Tunnel closed after accident

    1 tube of Lincoln Tunnel closed after accident

    Tuesday, September 2 2014 10:02 AM EDT2014-09-02 14:02:27 GMT
    One of the tubes of the Lincoln Tunnel has been closed after a chain-reaction accident involving a New York-bound jitney bus and two other vehicles. Port Authority of New York and New Jersey spokesman Steve Coleman says four people were reported injured in the accident in the center tube at about 8:30 a.m. Tuesday.
    One of the tubes of the Lincoln Tunnel has been closed after a chain-reaction accident involving a New York-bound jitney bus and two other vehicles. Port Authority of New York and New Jersey spokesman Steve Coleman says four people were reported injured in the accident in the center tube at about 8:30 a.m. Tuesday.
  • Dispute over reclining seat diverts flight, again

    Dispute over reclining seat diverts flight, again

    Tuesday, September 2 2014 8:21 AM EDT2014-09-02 12:21:27 GMT
    Delta photoDelta photo
    A Delta Air Lines flight from La Guardia Airport to West Palm Beach, Florida, was diverted to Jacksonville because of a dispute between passengers over a reclining seat. Delta reportedly says the flight was diverted Monday night when a woman got into an argument with a passenger behind her when the woman was trying to recline her seat while the other passenger was trying to sleep on the tray table.
    A Delta Air Lines flight from La Guardia Airport to West Palm Beach, Florida, was diverted to Jacksonville because of a dispute between passengers over a reclining seat. Delta reportedly says the flight was diverted Monday night when a woman got into an argument with a passenger behind her when the woman was trying to recline her seat while the other passenger was trying to sleep on the tray table.
  • High school football player dies

    High school football player dies

    Tuesday, September 2 2014 7:12 AM EDT2014-09-02 11:12:05 GMT
    A 16-year-old high school football player from Staten Island is dead after collapsing during practice Monday, officials said. The teen's father says Miles Kirkland-Thomas collapsed Monday morning during practice for Curtis High School. He was pronounced dead at a hospital.
    A 16-year-old high school football player from Staten Island is dead after collapsing during practice Monday, officials said. The teen's father says Miles Kirkland-Thomas collapsed Monday morning during practice for Curtis High School. He was pronounced dead at a hospital.

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