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First pawn shop dedicated solely to sneakers


From New York Post…

Forget stocks. Sneaker futures are making Wall Street look like a swap meet.

High-end kicks are becoming the currency of choice in New York, and one 16-year-old is taking advantage of the trend — using his own five-figure stock of 45 mint-condition basketball shoes to open the world’s first sneaker pawn shop.

“Young kids don’t have jewelry. They don’t have cars,” said Troy Reed, dad of young entrepreneur Chase “Sneakers” Reed. “But what they do have is the thousands of dollars worth of sneakers in their house.”

Chase, a 10th-grader at Frederick Douglass Academy in Harlem, still marvels over pictures of the freshest sneaker designs online and waits in line for hours to add to his collection. Only now he and his father are also getting them from fellow “investors” who want quick cash.

They have all sorts of reasons for selling short. One pawned fancy footwear to pay for his brother’s funeral. Two teen girls liquidated their sneakers to pay for prom dresses. Another savvy ­investor flipped a pair of LeBron Crown Jewels and two pairs of Jordans and used the thousands in profit to pay for his move to The Bronx from Brooklyn.

The store’s priciest pawned pairs so far — those Crown Jewels — are commanding $1,400, more than five times the $270 sticker price.

“I don’t look at it like a business. It’s what I do. It’s what I breathe,” said Chase. “It’s an idea that’s right in front of your face. It’s just about bringing the idea to life.”