Sneaker Pawn in Harlem - FOX 10 News | myfoxphoenix.com

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>>

  • 3 NJ mayors to announce anti-crime plan

    3 NJ mayors to announce anti-crime plan

    Monday, July 28 2014 9:03 AM EDT2014-07-28 13:03:29 GMT
    The mayors of three of New Jersey's largest cities are announcing a joint initiative to combat violent crime. Newark Mayor Ras Baraka, Jersey City Mayor Steven Fulop and Paterson Mayor Jose Torres have scheduled a news conference in Jersey City for Monday afternoon to announce the plan. The news conference is being held in one of Jersey City's most crime-plagued neighborhoods.
    The mayors of three of New Jersey's largest cities are announcing a joint initiative to combat violent crime. Newark Mayor Ras Baraka, Jersey City Mayor Steven Fulop and Paterson Mayor Jose Torres have scheduled a news conference in Jersey City for Monday afternoon to announce the plan. The news conference is being held in one of Jersey City's most crime-plagued neighborhoods.
  • Man charged with shooting pet turtle

    Man charged with shooting pet turtle

    Monday, July 28 2014 8:26 AM EDT2014-07-28 12:26:19 GMT
    A Stonington man has been charged with cruelty to animals after police say he shot his girlfriend's pet turtle. Steven Richard, 31, reportedly used a BB gun to shoot the turtle in the head Friday night outside a home on Pawtucket Avenue. Police responded to the home just after 8 p.m. when a neighbor reported an argument between Richard and the woman who lives there.
    A Stonington man has been charged with cruelty to animals after police say he shot his girlfriend's pet turtle. Steven Richard, 31, reportedly used a BB gun to shoot the turtle in the head Friday night outside a home on Pawtucket Avenue. Police responded to the home just after 8 p.m. when a neighbor reported an argument between Richard and the woman who lives there.
  • Man dies trapped in elevator shaft

    Man dies trapped in elevator shaft

    Monday, July 28 2014 8:06 AM EDT2014-07-28 12:06:40 GMT
    New York City NewsNew York City News
    A man died after becoming trapped between an elevator shaft and elevator car in the Bronx, said police. Police were called to 680 Tinton Ave. in The Bronx at about 3:55 a.m. on Monday. The man was found unconscious between the 18th and 19th floors. It is not clear how the man became trapped. A police investigation was underway. The medical examiner will determine the cause of death.
    A man died after becoming trapped between an elevator shaft and elevator car in the Bronx, said police. Police were called to 680 Tinton Ave. in The Bronx at about 3:55 a.m. on Monday. The man was found unconscious between the 18th and 19th floors. It is not clear how the man became trapped. A police investigation was underway. The medical examiner will determine the cause of death.
Powered by WorldNow

KSAZ-TV & KUTP
511 W. Adams St.
Phoenix, AZ 85003

Phone: (602) 257-1234
Fax: (602) 262-0177

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