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>>

  • Lawsuit settlements reached in Metro-North crash

    Lawsuit settlements reached in Metro-North crash

    Monday, September 15 2014 8:39 PM EDT2014-09-16 00:39:39 GMT
    Four of 28 people who sued the Metro-North Railroad in federal court after being injured in a Bridgeport train crash last year have settled with the commuter railroad.
    Four of 28 people who sued the Metro-North Railroad in federal court after being injured in a train crash in Connecticut last year have settled with the commuter railroad.
  • A history classroom in the real world

    A history classroom in the real world

    Monday, September 15 2014 7:09 PM EDT2014-09-15 23:09:49 GMT
    When Denis Belliveau is teaching kids about Marco Polo, he is in his element. He makes the explorer's journey come alive by taking students on a No. 7 train ride through Queens, New York's most diverse borough. He brings history alive for his students. Along the way the students stop in neighborhoods that mirror Polo's trip. I caught up with the class in Flushing, Queens, which easily resembles China.
    When Denis Belliveau is teaching kids about Marco Polo, he is in his element. He makes the explorer's journey come alive by taking students on a No. 7 train ride through Queens, New York's most diverse borough. He brings history alive for his students. Along the way the students stop in neighborhoods that mirror Polo's trip. I caught up with the class in Flushing, Queens, which easily resembles China.
  • Etan Patz murder confession played in court

    Etan Patz murder confession played in court

    Monday, September 15 2014 6:43 PM EDT2014-09-15 22:43:37 GMT
    A judge allowed a confession tape to be played in court in connection with the case of Etan Patz, who vanished in 1979. On the tape, Pedro Hernandez described how he killed Patz. But his lawyers say Hernandez falsely confessed and doesn't understand his rights. Before Hernandez's videotaped confession was played, Patz's mother quickly left the courtroom unable to watch the video.
    A judge allowed a confession tape to be played in court in connection with the case of Etan Patz, who vanished in 1979. On the tape, Pedro Hernandez described how he killed Patz. But his lawyers say Hernandez falsely confessed and doesn't understand his rights. Before Hernandez's videotaped confession was played, Patz's mother quickly left the courtroom unable to watch the video.
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