Sneaker Pawn in Harlem - FOX 13 News

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>>

  • 'Broken Windows' tactic questioned as chokehold victim laid to rest

    'Broken Windows' tactic questioned as chokehold victim laid to rest

    Wednesday, July 23 2014 7:24 AM EDT2014-07-23 11:24:25 GMT
    The recent death of a man from Staten Island while he was being arrested by NYPD officers is calling into question a police crackdown on petty offenses to discourage more serious crime. Critics say policing based on the so-called "broken windows" theory can needlessly put people at risk and fuel tensions in the city's minority communities.
    The recent death of a man from Staten Island while he was being arrested by NYPD officers is calling into question a police crackdown on petty offenses to discourage more serious crime. Critics say policing based on the so-called "broken windows" theory can needlessly put people at risk and fuel tensions in the city's minority communities.

  • 3 NYC boys get recording contract approval

    3 NYC boys get recording contract approval

    Wednesday, July 23 2014 6:34 AM EDT2014-07-23 10:34:12 GMT
    New York City NewsNew York City News
    Three middle school students got permission from a Manhattan judge to sign a multi-year recording contract with Sony. The court's approval allows the heavy metal band, Unlocking the Truth, to record their first single Wednesday for The Cherry Group, a division of Sony. The Brooklyn boys had to get court approval because they are minors.
    Three middle school students got permission from a Manhattan judge to sign a multi-year recording contract with Sony. The court's approval allows the heavy metal band, Unlocking the Truth, to record their first single Wednesday for The Cherry Group, a division of Sony. The Brooklyn boys had to get court approval because they are minors.

  • FAA bans U.S. flights to Tel Aviv airport

    FAA bans U.S. flights to Tel Aviv airport

    Wednesday, July 23 2014 6:28 AM EDT2014-07-23 10:28:48 GMT
    The Federal Aviation Administration has banned U.S. carriers from flying to Israel's main airport for 24 hours. The FAA made the announcement at about 12:40 p.m. on Tuesday. This comes after two U.S. airlines cancelled all flights to Israel until further notice following a rocket landing near the Ben-Gurion Airport earlier in the day.
    The Federal Aviation Administration has banned U.S. carriers from flying to Israel's main airport for 24 hours. The FAA made the announcement at about 12:40 p.m. on Tuesday. This comes after two U.S. airlines cancelled all flights to Israel until further notice following a rocket landing near the Ben-Gurion Airport earlier in the day.
Powered by WorldNow

FOX 13 / WTVT-TV
3213 West Kennedy Blvd.
Tampa, Florida 33609
Main: (813) 876-1313
Newsroom: (813) 870-9630
Fax: (813) 871-3135

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices