$15,000 for a pair of sneakers? What? The price tag may sound absolutely insane to most, but depending on the kick, a true sneaker head might consider it a steal. To 16-year-old Chase Reed, it sounds like money in the bank.
Chase, a 10th-grade Harlem’s Frederick Douglass Academy student, had done what no one else has ever done—create the first-ever sneaker pawnshop. He opened Sneaker Pawn, on Lenox Avenue and West 120th Street, with the profits from selling off his own collection, about 200 pairs of basketball sneakers. While in school, Chase leave operations in the hands of his father, Troy Reed, and sneaker guru, Rahsaan “Uncle Bless” Capers. Sneaker Pawn specializes in high-end kicks and those no longer manufactured. Troy Reed explains customer sneaker desire by stating, “Young kids don’t have jewelry. They don’t have cars, but what they do have is thousands of dollars worth of sneakers in their house.”
Sneaker Pawn’s priciest pawn so far has been a pair of LeBron Crown Jewels sold at $1,490, which was more than five times its retail price. Chase is not only the go to sneaker-pawning entrepreneur. He still does homework and custom-paints sneakers earning himself between $159 to $266 for each custom job.
For more info check out the original article at the New York Post
Photo Credit: New York Post